You can't measure a machine's speed by mhz. A modern cpu does many times more per cycle than a 486. For example, an Athlon 64 running at 2 ghz is quite a bite faster than a P4 at 3 ghz.
As an analogy, say you have to move water from a well to a very large vat. You will have to take many trips. There are two factors that determine how fast the water moves from point A to point B. First, there is how fast you make the trips. Second, there is the size of the bucket. Mhz is like the speed you make the trips. The processor's architecture and design and other factors in the machine's construction determine the size of the bucket.
So relatively, a modern PC has a bucket size like a 30 gallon oil drum, and a 486 has a bucket size like a thimble. So even if they are at the same mhz rating (you take trips at the same speed), the modern pc will be much faster (more water will be moved).
This is also why AMD came up with their scheme up assigning numbers to processors unrelated to mhz. An Athlon is many times faster than a P4 at the same clock speed. The only way intel was able to compete was by upping clock speeds higher than AMD could. However, many people in the store were seeing 2.0 ghz Athlon and 3.0 ghz P4 and thinking the Intel was faster, when in fact the Athlon was, so AMD started calling it an Athlon XP 3000+ or some such.