You'd be wrong there.
O3DS runs at only 266Mhz, with a meagre 2 cores.
The PSP is a bit more interesting of a beast, with multiple processors for different aspects. I wasn't able to find a solid source on how many coprocessors there are, but there are at least three, each capable of running at 333Mhz.
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Where exactly did you go to school?
Clock rate is linear, meaning that a core running at 5 Ghz will be twice as powerful as one running at 2.5Ghz.
CPU date means nothing. For example, an Intel i5 from a generation ago will still outperform this generation's i3.
The only reason the O3DS's CPU could (theoretically) handle more instructions is because it has a second core. However, the PSP has multiple co-processors, effectively outperforming the O3DS.
On another note -
@MasterFeizz how's the v0.3 release coming along? I heard something about a UI rewrite in the works?