This multi-thread awareness will also be helped by the 16MB of Level 2 cache, which serves as the most for any x86-based Intel chip and is shared between all the cores.
Intel hasn't announced any clock speeds for the Xeon 7400 series but will likely keep to its earlier patterns and target the six-core processor at high-end workstations and servers where a large number of parallel tasks is essential. The design is the last new Penryn-era processor and will be followed later in the fall by the Core i7 (formerly Nehalem) architecture for future Xeon chips.