0.02 MIPS for real? I'd expect about 0.005 MIPS from a design like that.

Many early CPUs took multiple clock cycles per instruction, anywhere between 2 and 10+.

So all instructions are executed in a single clock cycle?

To add, here's a nice table of Meaningless Instructions Per Second for different CPUs:

https://en.wikipedia.org/wiki/Instructions_per_second#Timeli...

It's pretty representative of 8 bit CPU true performance.

I think he mentioned somewhere that he had it running at 50 khz now. http://megaprocessor.com/GBU_speed.html - speed page!