Either way, the processor has an overall lower clock speed but the OS is also designed to operate more efficiently than others (such as Android, etc.) It also has a better GPU than most to handle graphics.
That together makes it hold its own. Buying a phone just because of a Snapdragon processor running at 1GHz is just playing into their hands (more is always better, etc.)
I wouldn't be surprised to see someone release an app for overclocking anyway, if you really feel you need the additional power.
After all...that absolutely wonderful "1 GHz" ARM processor in the iPhone 4 is usually not at its full speed because of battery life considerations, and I do not see any reason not to prefer the iPhone to any number of Snapdragon devices.
I'm a fan of ARM. It seems to me that they are just faster processors per MHz than Qualcomm.
It is also a little easier to code for Symbian.