Yes, we can still cram more transistors on a chip, but we can't get the clock speed any faster because we run into power/heat limitations. And actually if you look at the graph in the link I posted you'll see that clock speed peaked around 2005. Around that time AMD and Intel focused more on multiple cores and clock speed became less important.
Tangent: Personally, I like ARM much better than x86/x86-64. RISC based architectures just seem so much nicer. Plus, they are easier to optimize for and more predictable in terms of clock cycles per instruction.