Why would you assume i/o bottlenecks exist? You should pair a fast processor with an SSD. The IPC of the processor shouldn't change by going from 2 to 4ghz if the architecture is well designed.
Umm....in theory there may be some drop off in IPC
eventually for the processor as other parts of the design like IMC or cache or System Agent may become bottlenecks. But we
won't be able to reach those speeds on air cooling anyway with either 1st or 2nd generation Core i series. Intel designs its chips to last 2-3 years since they understand they'll be increasing frequencies on the same design with each Tick. As such the possibility of IPC being bottlenecked with higher frequencies is practically nil. For instance, Core i7 920 2.66ghz scales without problems if you compare its single threaded performance to the Core i7 980X 4.4ghz.
Look at the benches I posted from Xbitlabs of Q6600 vs. Phenom II 940. You can see that they are very close in IPC at 3.6-3.8ghz range.
Now look at Anandtech's
review of Sandy Bridge. Go through the pages and you'll see that a 2500k 3.3ghz is
about 2x faster than Q6600 2.4ghz. Of course 2500k gets 1 Turbo bin when using 4 cores.
Let's continue. The only way for 2500k 3.4ghz (with 4 cores pegged) to be nearly 2x faster than a Q6600 2.4ghz (4 cores pegged) is if Sandy Bridge is
1.5x in IPC compared to C2Q (which is exactly what I have been saying regarding Phenom II).
Math = 2500k @ 3.4ghz x 1.5 IPC / 2.4ghz Q6600 = 2.1x. Q.E.D.
Now, regarding your theory that IPC changes with frequency. Sandy Bridge enjoys excellent
scaling in performance with higher clockspeeds. Look at Starcraft II (one of the best CPU benches for gaming).
2500k 3.3g (min 3.4g Turbo) = 51 fps
2500k 4.7g = 69 fps (+35%
Frequency increase = +38% (4.7g vs. 3.4g)
While you can argue that in games you'll be GPU limited most of the time, the IPC advantage of SB isn't going anywhere, even at 4.7ghz overclocks. If anything, from the link right above, it's the Phenom II 1100T that barely scales with higher clock speed. Therefore, we have known data that SB clocks high and its IPC remains intact due to a robust architectural design.