That would be 4 Teraflops -> 64 cores * 16 lanes * 2 ops (1 madd per clock) * 2 Ghz.
Ah, yes. The one op that is two ops.
Okay, even if you cut it back to 32 cores because of that, 12 cores just seems way, way off. Somebody somewhere is doing estimation thinking of more modern out-of-order Intel CPU cores or something.
Even with L2 cache at 12M transistors per core, and the rest of the core at like 20M transistors (we're starting to highball it here), you're still at "only" a billion transistors for 32 cores. You could double that to 64 cores and include the ring bus and texture units and still be, on 45nm, the same size or smaller than GT200 was on 65nm.
If I had to guess, and this is only a guess, I would think Larrabee will have 64 cores or more in its high-end configuration. Now, clock speeds are a real interesting bit. Who knows? A big, hot, dense, power-hungry chip with deliberately short pipelines spells slower clock speeds. But it's Intel.
As for graphics performance...I've spoken with Intel folks in the know and they won't tell me how it's looking. They will say that they know they have to be faster than the current cards, because they'll be up against the next-gen from Nvidia and ATI. I believe their catchphrase for their chances against those is, "It would be arrogant of us to say we'll be faster when we don't even know how well those cards will perform."
To me, the real issue Intel will need to step up to the plate on is drivers. The GMA products are famously problemmatic with lots of games, not just in performance but in compatibility and rendering glitches and stuff. Their control panels and other desktop software for EVERYTHING (motherboards, etc) are just TERRIBLE. Ugly, poor interfaces, poor options, and so on. They need to catch up to the years and years of experience and relationships Nvidia and ATI have built with developers and publishers in testing games and fixing graphics glitches, even taking a game that does something "wrong" and make it look right. And they need to deliver the kind of control panel software an enthusiast would expect. It's a tall order from a company that really hasn't done end-user software well, like, ever.