You're probably right for the majority of cases, but, depending on which two processors and what software we're talking about, there are a LOT of cases where this would be incorrect. This is particularly true if the 2.7ghz processor is an AMD, and the 3.2ghz processor is an Intel. Intel's high end core 2 duo/extreme and i3 products are smokin' fast, while Phenom II products are much more mundane. In certain cases where the software is very suited to multiple cores (highly parallel tasks), a 4 core 2.7ghz Phenom II would beat a 3.2ghz core 2 duo, but, in most cases, you'd see the opposite.

Anyway, I'm not trying to be nitpicky, as you're probably right. I just want to be clear that it very much depends on the situation at hand, and there are certainly some common instances where a slower 4 core absolutely cannot compete with a faster 2 core.

EDIT: Typo. Changed 2.3 -> 3.2.