The dual core Sandy Bridge Celeron 847 fabricated on a 32nm fabrication process has a max TDP of ~ 17w (when running at 1.1GHz CPU clock operating frequency). So even with a shrink to a 22nm fabrication process and even with a newer architecture, there may not be too much room to increase performance beyond this since the max TDP of the 22nm ULX_Haswell part is much lower at ~ 10w.
Comparing the dual core Sandy Bridge Celeron 847 (operating at 800MHz) in the Acer C7 Chromebook to the dual core Cortex A15 (operating at 1.7GHz) in the Samsung Chromebook XE303 (with both CPU's fabricated on a 32nm fabrication process at Intel and Samsung fabs, respectively) the Sandy Bridge Celeron 847 processor has a ~ 0% performance advantage in RIABench Focus Tests, a ~ 10% performance advantage in BrowserMark, and a ~ 30% performance advantage in SunSpider 0.9.1 and Kraken, but a ~ 50%
disadvantage in the web browsing battery life test:
http://www.anandtech.com/show/6476/acer-c7-chromebook-review/5 (and this battery life metric is even more lopsided when you consider the fact that the dual core Cortex A15-equipped Chromebook has ~ 20%
less battery capacity than the dual core Sandy Bridge Celeron 847-equipped Chromebook!). So even though the dual core Sandy Bridge Celeron 847 CPU clearly has higher IPC (instructions per clock), the dual Cortex A15 CPU appears to have significantly better performance per watt and significantly lower power consumption than the dual core Sandy Bridge Celeron 847 CPU, even when the latter is operating at only 800MHz.