No it hasn't.
First. "Turbo" is pure marketing,
Take a look at the single threaded Cinebench benchmark here.
Source:
http://www.anandtech.com/show/5553/the-xeon-e52600-dual-sandybridge-for-servers/10
See the E5 2660 2.2GHz edging out the 2.93 GHz from the previous architecture generation? The multi-threaded result is similar. In the SQL Server benchmarks the 2.2 , for the most part, holds its ground against a previous generation 2.66 (and there are some 6C versus 8C metrics to show the differences).
There are choked software applications. The 3DS Max Architecture 2012 benchmark on the next page the 6C version beats the 8C one. So yeah... turbo does work "in the real world".
CPUs never actually see those high speeds in the real-world since the OS spreads work across the CPUs, not just dumping everything onto one or two.
First, if a bonehead OS scheduler pissing the performance into the crapper the problem is the bonehead scheduler. If have 5 relatively slow tasks there is no good reason to push them onto more cores.
Second, if actually have a high amount of workload to do, then don't need the higher speeds because they have more cores. The additional math/branch/computation function units get more work done.
Again can go back the graphs in the anandtech article where measure the SQL Server response time. The E5 2660 2.2 turns in better times when there are 8 cores ( which can't clock quite as high) as the more restricted 6C (which can clock a bit higher in some subcontexts.) Cores trump GHz on an extremely wide variety of workloads.
Second. The Pentium 4 hit 3.8GHz in 2004, over 7 years ago. So, no, GHz has not "generally gone up".
First, the P4 base design sucked. That why Intel threw it into the trashcan.
Second, it is an insanely silly metric. Maybe Instructions per cycle or some other single throughput metric is material. But the GHz is just how quickly the clock goes up and down. It doesn't measure "work done". It is like going out and fixating on the gas engine with the highest RPM rating as being the best.