Wow the PS2 only had a 299Mhz processor? That sure is a big jump. However, I don't think you could expect the Wii U processor being 1,000% more powerful with a 30GHz processor, that technology doesn't even exist
Well clock speed is useless without good architecture.
The Wii U can have a slower clock speed, but have better architecture and more cores and be 10 times the power of a PS3.