If it's anything like the k1, I wouldn't be surprised if Core 2 performance was on the table. The released specs are are ~Sandybridge-Haswell like, but those were architectures made by (at the time) the top CPU manufacturer and were carefully balanced architectures to maximize performance while minimizing transistors. SpaceMIT is playing on easy mode (they are making a chip on a ~2-4x smaller process node and aren't pioneering bleeding edge techniques), but balancing an out of order CPU is still tough, and it's totally possible to lose 50% of theoretical ipc if you don't have the memory bandwith, cache hierarchy, scheuling etc.

Cache issues add another layer here, if it's not the whole issue. Device tree patches for the K3 have 2 clusters of 4 cores with shared 4MB L2 cache per cluster. Core 2 Duo P8400 has 3MB L2 shared between 2 cores, and Sandybridge-Haswell have per core L2 and shared L3.