AMD's Opteron hits 3.2GHz
 

The situation in the desktop is close to desperate for AMD as it can hardly keep pace with the third highest clocked Core 2 Duo CPU, and there are several quad core chips - either high clocked expensive ones or cheaper midrange models - that AMD simply has no answer for at present. As AMD gets closer to the launch of their own quad core, even at a humble 2GHz, Intel let the world know it will deliver a 3GHz quad core Xeon with 12 MB L2 that only needs 80W, and Intel showed that 3.33GHz is just around the corner too. However, there is a reason why Intel is more paranoid than the many hardware enthusiasts.
http://www.anandtech.com/IT/showdoc.aspx?i=3057