I started to quickly write up some examples in assembly, then realised, its going to take a long time to get this comparison done in any way that will show the pro's and con's of both, and nonarKitten has pretty well covered it... In 10 years of development with both products and over 300 products using both processors (90% freescale), we have never once considered MIPS/MHz as a 'deal breaker'. Sure we have interrupt code written in assembly and optimised for speed along with some other modules, but, the code is written in assembly with clock cycles counted when required. For our larger scale products MIPS/MHz is far more important, especially with RToS based applications, GUI's, (FEC) Ethernet etc, but in this low end 8 bit, its probably less than 1% of what we consider when choosing a specific processor for our applications.
Here is typically what we are looking for in a processor:
Power / Stop modes and their related current draw
Peripheral modules and their specific functions (ADC, I2C, PLL/FLL, CAN)
Interrupt sources
Timer modules
Flexibility and function in all modules
Tool chain
For these smaller processors, it seems to always come down to finding a processor with the right modules, pins, flash/ram size, power requirements etc.
The last time this became a problem for me was when we were doing tone generation for a siren, the poor little QD4 couldn't handle sending serial commands and generating sirens tones in very high frequency, however, we optimised the output capture compare interrupt code that generates the tones, and it all worked in the end.