Lets ignore the CPU type for a moment. My personal opinion on the Skate is that it's a significant upgrade over the Blade. Comparing the Blade running the stock ROM and the Skate and the Skate is a lot smoother and slicker than the Blade. The bigger screen makes no difference to the speed of the phone since it has the same number of pixels.
Now if we look at the CPU, yes it's only 800MHz compared to the 600MHz CPU in the Blade. The Skate has an MSM7227-T CPU which is improved over the original MSM7227. I had a Blade myself and ran it overclocked at around 760MHz and the Skate, in my opinion, felt a lot quicker. 90% of Skate users will not experience any issues with the CPU not being ARM7. Those that do notice issues would be better off with a higher spec device.
Anyway I'm not trying to persuade people that the Skate is the best phone in the world. It is what it is... a cheap device with decent specifications. The advantage it will have over other devices is that it will be easily hackable from day one. No arsing about with encrypted bootloaders etc.