How does it matter what it allegedly can be clocked to if in practice it's impossible to use it over 412MHz? Anyway if we play your game of "add and compare the MHz" then you get way more than 412MHz out of the other handhelds...
Be consistent in your application of limitations. If the iPhone is 412 Mhz and not 620 Mhz because software limits it so, then the PSP is only one CPU of 333 Mhz, because that's all games can use.
you know what ? you sound like a moron. This 222 Mhz limitation was for old time. Recent game really use 333 MHz if they need it.
First, it is not because iPhone has more gigaherz you may deduce that it will be more powerful than PSP. Most recent 3D games on PSP are probably using VFPU whose iPhone has no real equivalent. If not used, it means the real potential of PSP is underused (in fact, in most time you need to code VFPU at hand because GCC is not able to exploit it fully).
I have an iTouch. I tried to develop on it but there are too much limitation on it : needs a eMac to run official SDK, which doesn't allow you all the full potential. LLVM-GCC is clearly not optimizing well the ARM code generation (I could find many lost occasions to squeeze the number of instructions and registers usage when reading disassembly code). Even psx4iphone is not running as twice fast as psx4gp2x (and still gp2x is 200@250 MHz for me) because the way you need to refresh the screen (hey ! iPod Touch is not a mobile phone !) to keep a lot of plugins to run in the background.
Seriously, it's a pain in the ass to try to develop on iPod Touch with such limitations.