Intel® Centrino® technology isn’t a processor it is a group of a coupe different technologies. The whole idea behind Intel Centrino technology is to let you know that the laptop that you are looking at is ready for a mobile environment. So on a laptop with the current version of this technology you would get a 2nd generation Intel Core™ i3, i5, i7 processor, a “6” series mobile chipset and an Intel wireless card with 802.11 B/G/N. In order for a laptop to have the Intel Centrino badge on it; the laptop must have all 3 of the above components.
So the answer to your question is no, you wouldn’t get a slower processor then a 2nd generation mobile Intel Core processor as long as it was a current laptop.
Centrino is a platform that was introduced by Intel when they released the Pentium M processor back in mid 2003 I believe. This platform included the Pentium M processor, the Intel Pro wireless network adapter and the chipset which controls the various components on the motherboard.