We've seen the Pre get overclocked to 720Ghz and 800Ghz before, but now some overclocking wizard named Thunderchief is taking it to a new level. He has managed to get the Pre up to 1.05Ghz. As you can see in the video the Pre is smoking fast at 1Ghz.
This overclock is not for the casual user at this point and is still in Alpha. In addition to the 1Ghz overclock, Thunderchief's kernels enable Compache, which brings compressed RAM swapping to the Pre.
Do you need all that? Maybe, maybe not but we're hoping Palm just releases a high end webOS device that actually can compete with Android and iOS.