Yes and no. Each core runs at 3.5 GHz but it's not necessarily like a single core at 14GHz. Programs which can utilize that many cores might see close to a 4x speedup but many common programs run on a single core. Traditional software development is single-threaded while writing software for multiple cores poses challenges above and beyond those of traditional programming. This is an area of active research in computer programming as I understand it.
Regardless, mutli-core CPUs are good at multitasking. Single-core CPUs have to switch rapidly between different tasks to multitask while a quad core can run a different program on each core at once. SO multi-core CPUs tend to feel very responsive because the OS can multitask more...