The increase in speed has actually slowed in recent years (not counting overclocking)
Are more processors/threads the direction now?
1995 Inel extreme 3.73Ghz dual core
2010 Intel 980X 3.3Ghz 6 core
Overclocking no water cooling, 3.73 to 3.73 wil fry an egg. 980X 3.3Ghz to 4.2 Ghz no problems. So it would seem that processors these days are faster as well.