Duke, "caught up with" and, truly, HW specs haven't changed significantly in years. Multi-cores are the rage but the prospects of 128-bit OSs died out a decade ago, after the rather quick ascension of 32s then 64s.
I want to believe that we've reached some CPU-hardware limit - perhaps cooling issues - and that's why we haven't seen 6 and 8gz CPUs by now. We hit 4gz years ago with old Pentium single-cores (was it the 478 sockets? I get too many model numbers in my head to recall).
And that because of this hardware limit, Intel & Pals decided to opt to multi-cores since they couldn't wring out substantially more speeds without meltdowns using the current substances. ("Melts in your socket, not in your hands" was a slogan, I understand, that Intel refused to take public. Odd, huh? Gee - I heard some notebooks had no such problem melting in your hands, though. Ah well, that's a different story.)