Yes there are a lot of notable exceptions like video and audio workstations where real-time effects is still a problem, more video than audio. I know of Animation as an example, at 320
x 240 we're not anywhere near real-time on animation rendering. You may not have to look that far actually some of the new games are getting CPU limited, like Comanche 4 which is proving that even the fastest CPUs can be bottlenecks.
I agree wholeheartedly with the need for more speed. I was reading over at another forum about insane 8 way and 16 way MP systems that do real time GPS tracking and workstations from Sun running Solaris that outperform any desktop unit a hundred times over, at 20 grand plus. Those will be able to peform anything in real time, AFAIK!
In terms of DAW, yes we still need further processing speed and the race for speed between Intel and AMD has done one thing: it has helped processors advance in technology and become chaper as well, which ultimately helps computers and consumers. Intel will launch 2800 and 3000 processors in a few weeks, and drop prices from their current 600 (volume, not street) for a 2.53 to an expected 300 or so where it can compete favourably with the 2600+. See, cheaper faster computing...
Anyway IMO for serious audio users DSP should be completely hardware based, no matter how good soft DSPs become there are still problems inherent because a PC is a very general purpose tool, just like guitar players prefer a hardware unit to a multi FX unit. A PC is a powerful tool, but not as good as a dedicated outboard unit.