Thats exactly it. But the performance due to how much the AMD can overclock is better than the performance due to how much the Intel can overclock.
For example, A P4 has been pushed to 7.0Ghz max at this time. A FX-57 has been pushed to 4.0Ghz max. The Intel was overclocked 3.2 Ghz while the AMD was overclocked 1.2 Ghz. But you would get the same performance from both processors, even with AMD's low clock speeds.
***Note*** Those overclocks are the world record holders. You don't even have a prayer of getting to those speeds probably. I only used them as examples.