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Server Processor Speed

Could someone please explain to me the following:

I have an old server with a 2.8Ghz processor.
Nowadays server processors come in 2.2ghz, 2.4ghz, 2.93ghz, etc...

Getting a dual 2.4ghz processors makes sense to me as they're Quad cores?
but it sounds like i am going backwards getting a 2.4ghz and not something higher than 2.8ghz.

are processors nowadays lower (#s) but actually faster because of the cache, cores, etc?
sorry for the stupid question, just trying to make sense of it.
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Thanks so much.  I've looked for a comparison of an old proc vs new one, but no luck.
Thank you much.   : )
http://www.cpubenchmark.net/ should have the comparison of specific models.  You can look up the specific models by time in http://en.wikipedia.org/wiki/Xeon