A 1ghz processor will seem very slow by 2010. Particularly on an OS that can't fully take advantage of the multiple cores. By that time, the emulated solutions will be even further ahead.
I understand people sticking with the ARM powered desktop machines for the time being, but in 2010, emalation will be about 10 times ahead of the real hardware.
Even a more advanced form of emulator that could use the features of the underlying OS would be more of a step forward for RISC OS. Imagine how quick a version of photodesk could be if it did some of its processing using the native build of imagemagick but controlled from RISC OS.
I'm of the opinion that media/3d acceleration or expansion into other form factors and roles (PDA, set-top etc) would deliver far more benefit to end users than a small speed increase by 2010.