The Atom is simply a very low power CPU meant for use in mobile devices. They typically have very low clocks (I've seen 1.2 GHz Atoms) in comparison. I don't know their efficency per clock cycle, though.
Off the top of my head here so I'm probably wrong.
I've read that the 1.8ghz Atom is about the same as a 900mhz P3 in rough terms. That indicates that the Atom's instructions per cycle is half of a P3. A P3 does 2 (again off the top of my head, based on the P4 IPC since mhz for mhz they where similar). That would imply the Atom does 1 instruction per cycle. Core 2 65nm does 4 IPC and Core 2 45nm does 5 IPC. Effectively a Atom dual core @ 10ghz would rival a 2ghz Core 2 45nm....
Again, off the top of my head so please no being nasty...
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