For CPU's, 10x100 does NOT give the same performance as 1x1000. Look at any chart, the system with the greater amount of memory bandwidth is always the faster system (the system with the higher FSB, which in our example would be the 1x1000 system where 1 is the multiplier for the CPU and 1000 is the FSB Mhz) Just like Cheesy Peas had said, this is why people overclock using the FSB.
And on Athlon systems, people unlock their CPU's not to just get higher multipliers to be able to overclock but so that they can get LOWER multipliers. This is because if you use a lower multiplier for your CPU, you can increase your FSB on the motherboard and keep your CPU at the same Mhz if you wanted without any additional cooling. Your CPU would be running at the same speed so you only need to worry about your motherboard overheating.
Needless to say, you would never be able to run at 1x1000=Mhz with a CPU because there is no motherboard on the market that is even close to running the FSB at 1000Mhz right now. The example you just gave above was exagerated.
To give a more realistic example however, an Athlon system running 1400Mhz with a 14 multiplier and 100Mhz FSB will be crushed by an Athlon system running at the same Mhz but with say a lower multiplier like 8.5 and a higher FSB like 166 (166x8.5 will give you 1411Mhz which is pretty close to 1400Mhz). Memory bandwidth is definately something that is very important. I had made a chart on vr-zone forums about what kind of performance you can expect from a CPU when you overclock it using the FSB as opposed to overclocking it using the multiplier. I can look it up and put a link for it here if you are interested.
So, to answer your question Digital Pimp, a CPU with a 1x multiplier and a 1000, 2000 or whatever FSB on a motherboard would TOTALLY obliterate every CPU on the market right now. This is everyone's dream. A CPU like that, (let's say a CPU that is running 1x1000) would PROBABLY be much faster than a CPU running 15x100 because the enermous amount of increased memory bandwidth on the 1x1000 CPU would make up for the amount of extra CPU mhz on the 15x100 CPU. This example, of course is if we were comparing similar CPU arhitectures like a P4 Northwood 1x1000 vs a P4 Northwood 15x100. Comparing a 1x1000 Pentium 3 and a 15x100 P4 would be like comparing apples to oranges.
Also, the P4 architecture seems to like the increased memory bandwidth a lot. I am sure the P3 architecture likes it too but because of the fact that the FSB is quad-pumped for the P4, for every Mhz you increase the FSB on the motherboard, you get a 4Mhz total increase for the FSB. Because of this, you can increase your FSB by a pretty big amount on a P4. A 200 Mhz FSB set in BIOS will give you a total FSB of 800Mhz for example. This is way above anything a P3 could ever hope to achieve. The most a P3 could ever do is limited by the motherboard you are using (that is if you had an unlocked CPU and an EXTREMELY good motherboard) and that could be something like 250Mhz. Of course there is a big difference between 250Mhz and 800Mhz so I wonder what kind of performance a quad pumped P3 would
produce.
Anyway, the point is that some CPU's really like the increased FSB such as the P4 and will give you big performance benefits for every increase you do for the FSB up to a point where you start to get diminishing returns. I do not know what that point is. it is definately not 800Mhz though.
For your example, 1x1000 would translate into 4000Mhz FSB speed for a P4 (since FSB is quad-pumped). I would LOVE to see what that would do for performance.
Oh, another REALLY important note is that, to be able to really take advantage of that FSB speed, you would need to have some RAM that can handle that speed as well. So for our 1x1000 example, for a P4, you would need to have some kind of RAM that can handle 4000Mhz to be able to run synchronously with the FSB. Otherwise, your RAM becomes a big bottleneck for your system and you don't get a whole lot of improvement. Remember that right now, the fastest DDR on the market you can buy for your motherboard (you can't really use DDR for graphics cards on your motherboard) is 433Mhz. This speed is lower than the speed of the current P4's FSB which is 533 (133x4) and so memory becomes a bottleneck for your system. Dual Channel chipsets change this fact of course as on a Granite Bay (intel) or an Nforce 2 chipset (AMD), you can theoratically get your memory speed up to 433x2=866Mhz BUT then you run into other problems such as latency which are best discussed in a different thread.
Sorry for making an answer this long but I just wanted to be comprehensive.