I also read about the Nexus Prime... 1.5 GHz dual core processor... I'm not knowledgeable enough with this kind of stuff to know whether dual core is even desirable on a phone, but it sure sounds good.
That is pretty impressive, but specs aren't the be all and end all. The iPhone 4 (with the iPhone 5 due soon) are generally lower-specc'd than top-end Android phones, but it doesn't matter because the software is better integrated and written. In real-World usage, I'd doubt you'd notice that the iPhone had a slower processor.
My main concern with a lot of the top-end phones at the moment is battery life. The faster the processor, the more battery life is reduced (unless there's some VERY efficient scaling). This is becoming a real issue and I've been reading reviews of phones with effective battery lives of fewer than fifteen hours. That's deeply troubling because battery life is (in my view) far more important than having a fast processor. I like not having to put my phone on charge every night! Once you start using WiFi, GPS and even LTE with the latest phones the battery life just goes. Even mine suffers when I'm tethering (which I expect) so with a 1.5 Dual-Core processor added in the mix, you'd either have a huge phone with a bulky battery or (more likely) a very poor battery life.