The Northwood core still lives in another processor from Intel. Pentium 4 3.4 Ghz is the name of the processor (not fully unexpected) which arrives now just before Prescott is being fully launched.
GamePC has gotten themselves an example and they test the processor against other Intel based processors and some Athlon 64 FX/Opterons. Included in the tests is also the Pentium 4 3.2 GHz Extreme Edition.
As you might have guessed it shows that the 200 extra MHz in the new processor weighs more than the quadruple amount of L2 cache in the Extreme Edition processor.
Read the test here.