That's doubtful, while the K10 is penalized by the server board, so is the simulated K8.Assuming the preview scaling is correct (I believe the jump from K8->K10 will be more around 20% on average on desktop once a proper platform is setup),
then looking here and calculating for a Phenom, it would actually put a K10 cpu at a virtual tie with a Core2 cpu in Oblivion and about a 4% advantage in HL2 episode 1.
From here:
http://anandtech.com/cpuchipsets/intel/showdoc.aspx?i=3038&p=10
the scaling going from the Q6600 to the QX6800 is better than the scaling of Barcelona from 2GHz to 2.5GHz in terms of % increase in performance/% increase in clockspeed. Also, for the same set of applications used to calculate the 15% advantage of the K10 vs the K8, the QX6850 is 30% faster than the FX-74, and that's with Oblivion and HL2 running at 1600x1200. Based on this, plus the Techreport review showing the 2.33GHz Clovertown winning as many benches as it loses with the 2.5GHz Opteron, I fully expect Phenom to be slower clock for clock than Conroe/Kentsfield.