No.
The SoCs in the second gen devices are more recent and even at the same clock speed would outperform the older SoCs. Clock speed isn't everything. Better processors can perform more work in a clock cycle than those older ones.
Additionally, the Radios and especially the GPUs in the newer processors are much better.
Expect Apollo launch devices to be dual core possibly most of them with high speed HSPA+ and/or LTE in them. 1st Gen devices are ancient hardware even now. They were almost ancient on release, even.
Whether Microsoft supports them is up in the air. By the time Apollo ships early adopters will be almost out of their two year contracts with 1st gen devices so really they don't have much to lose by dropping support for them. Anyone who got a 1st gen device late probably doesn't care whether it gets an update and those who do should have just waited, IMO.
even though they're ancient as you say, my HD7 with a snapdragon s1 runs circles around the EVO3D, and pretty much any android phone with a newer SoC.