I was expecting it to be 140w. I guess they reduced them to 125 for compatibility purposes, since most older motherboards don't support 140w TDP. I'm sure they will release a 140w version pretty soon, with a higher clock speed. 3.2 or 3.4GHz isn't unreasonable.
I wonder when they switch to 32nm. Of course, they just went to 45nm not long ago, so I imagine it will be a while, but they need to pretty soon if they want to compete with intel.