Actually for RDRAM the PC number does indicate the "MHz" it runs at. For DDR SDRAM, the PC number doesn't indicate the "MHz" speed it runs at. However, the front side bus of the CPU that uses the RDRAM isn't that number. In the case of the Pentium 4, it is 100MHz quadruple-data rate which essentially is a 400MHz bus.
EDIT: OK don't listen to me I was wrong Like somebody mentioned, RDRAM is double data rate so divide the PC number in half and you'll get your actual operating speed.
-GL