Just like stating raw clock speedtoday for marketing.
I can buy a N GHZ machine but can anybody tell me
the real speed of instruction abc on data xyz?
Sure, if you know all of the environmental issues (condition of pipeline, status of cache,
etc).
I have worked on a significant number of Pentium (and other pipelined
multi-level cached) based systems for engineering projects, and
*sometimes* we do have to actually still calculate this stuff out to
prove that a design will work under various system and data conditions.