I don't think you can really get better than that right now. Intel is not increasing clock speed much, if at all, and MAME doesn't benefit from more than 2 cores. I am sure it will be optimized for more cores at some point, but I don't think it has happened yet. I think 4.5GHz will be good for most currently playable games. 4.0 is close, but the frame rate drops once in a while. I know some people were getting 4.5, but 4.0 is really pushing it on my e8400 with the cooling I have.
Yeah it does, assuming you have a 64 bit os a 64 bit version of mame and actually have multi-threading turned on. I've got a intel quad running at ~2.5 ghz. Running gauntlet legends on mame or on mame64 with multi threading turned off gives me a 50-75% framerate. Running mame64 with everything turned on properly gives me 95-100%. A quad core means that the games main cpu runs on one thread, the sound on another and you still have two cores left over to prevent the video card and harddrive from bottle-necking the system. I also need to point out that a similar specd dual core system I have did NOT yield the same results, it was noticably slower.
I can play pretty much everything that has a complete driver with my system, so I'm not sure why you'd want to waste your money on a faster processor.
It's not to say that a 4ghz processor is a waste of money, but rather they are so expensive right now and mame isn't really going to benefit from the extra juice.
Also the video card is important as well, it didn't used to be, but now it is. The artwork system is totally dependant upon it and also games with larger textures (which used to be non-existant in mame) benefit from it as well. Also if you are running mame in directX mode, just forget about it unless your card has decent hardware acceleration. Mind you very very old cards can handle mame's needs, BUT if you think mame doesn't hurt if you are running it on the shared memory card built into your motherboard then you are gravely mistaken.