GamePC has a lot of tests that involve Photoshop, and I've looked through them quite a bit as I use CS in a stressful way quite a bit . The biggest factors seem to be chip architecture, speed, and cache, and so I'm quite sure that extra MHz offer more performance, especially on an architecture with not as much reliance on bandwidth as raw CPU horsepower.
L2 & L3 caches make the most difference in my experience. On my Macs (where Photoshop is used a lot) I have once machine with a 512KB L2 cache at full CPU speed & one with a 256KB full speed L2 cache & a 1MB L3 cache at 1/4 CPU speed & it is a good bit faster even though the one with the smaller caches has more MHz.
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