If it's 32 nm and they didn't touch the clocks they used the die shrink for power savings, which would make a lot of sense given the new power hungry display and LTE radio.
Also, this is the first time as far as I know they've changed components in addition to a die shrink, and instead of going with higher clocks on the CPU/GPU, they decided to spend more die space on the GPU.
Besides, they've got the dual core Cortex A15 (or 2xA15+A7) waiting for them next year, and that will really kick the butt of the current 2xA9 setup.