Notice how AMD and Intel each have SIMD units clocking at well over 2ghz. In the case of SSE2, it can even do things AltiVec can't.
No they don't, at least on the Pentium 4, it takes 2 clock cycles to complete a SiMD instruction (I realise SiMD is many instructions at once but you know what I mean). Right now they've mananged to get their SiMD unit to 1.4Ghz while the cpu runs at 2.8. Personally speaking if motorola did this to the G4 and it meant we could have a 2Ghz G4 with the altivec performance of a 1Ghz G4 then that's a good thing, Altivec only helps speed up certain operations, a faster cpu speeds up all operations.