Those of you that keep making sensationalized statements based only on the clock speed number don't understand that this CPU is a totally different architecture than what you're familiar with. The WiiU CPU is a RISC processor, the other consoles use a CISC processor. The difference is that a RISC uses significantly less complex instructions, meaning there is a lot less processing overhead when crunching numbers. RISC processors are also designed to do more with each clock cycle (better efficiency). This provides a huge boost per clock cycle in the amount of computations that can be done, especially for gaming tasks such as physics and AI. This is why, though the CPU has less raw clock speed than the 360, it could theoretically be a bit faster at the tasks it's asked to do when code is optimized for the architecture. Coupled with the fact that the GPU is much faster and can take on some additional tasks, plus there is a separate DSP, and the fast interconnects referenced by z101, this gives it a significant leg up over the current gen in future *optimized* games (which none of these ports were).
Keep in mind that the WiiU is most likely about 2x more powerful than the current gen with optimized code (based on total power including the GPU), it is certainly a step up. The next consoles from MS/Sony will be even more powerful, but I don't think the gap isn't going to be anywhere near what it was between the Wii & PS360.