I've heard this phrase used both ways.
Here's the way I think it should be used - please tell me if you think it should be used the other way round.
If the Mhz Myth is working, consumers believe that bigger numbers are better.
Consumers who refuse to buy a Mac because of the low clock speed are under the influence of the Mhz Myth.
If the myth is not working, the consumers are seeing past all the hype and know that clock speed often means very little.
Amorya