2.4.x reports the Mhz correctly.  I don't recall if 2.5.x did in the 
past, but can check if needed.
sh-2.05b$ cat /proc/cpuinfo
processor       : 0
vendor_id       : GenuineIntel
cpu family      : 6
model           : 7
model name      : Pentium III (Katmai)
stepping        : 3
cpu MHz         : 0.000
cache size      : 512 KB
fdiv_bug        : no
hlt_bug         : no
f00f_bug        : no
coma_bug        : no
fpu             : yes
fpu_exception   : yes
cpuid level     : 2
wp              : yes
flags           : fpu vme de pse tsc msr pae mce cx8 sep mtrr pge mca 
cmov pat pse36 mmx fxsr sse
bogomips        : 494.59
Selected dmesg bits:
Calibrating delay loop... 494.59 BogoMIPS
Memory: 644596k/655296k available (2192k kernel code, 9960k reserved, 
694k data, 296k init, 0k highmem)
CPU: L1 I cache: 16K, L1 D cache: 16K
CPU: L2 cache: 512K
CPU serial number disabled.
CPU:     After generic, caps: 0383f9ff 00000000 00000000 00000000
Intel machine check architecture supported.
Intel machine check reporting enabled on CPU#0.
CPU: Intel Pentium III (Katmai) stepping 03
Enabling fast FPU save and restore... done.
Enabling unmasked SIMD FPU exception support... done.
Checking 'hlt' instruction... OK.
IA-32 Microcode Update Driver: v1.11 <tigran@veritas.com>
Enabling SEP on CPU 0
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