I think what happened was it had less memory than the AT, but the memory had no wait states, so it was faster overall. Something similar happened when Intel released the second generation of Celerons - they had less cache, but it was on-die as opposed to external cache on the cartridge, so the CPUs were more efficient than the Pentium IIs they were meant to be inferior to.
The AT was actually nerfed quite a bit... IBM feared that the 286 chip was fast enough as to compete with their higher end minicomputers, so the AT had it limited to 6MHz when it could easily be run at 8-12. Some enterprising individuals found that by replacing the clock crystal on the motherboard, they could double the speed of the CPU. IBM responded by modifying the BIOS to only POST if the CPU ran at the speed it was specified to. The overclockers fought back with signal generators which would let you run the thing at stock speed when POSTing, but crank it up when it was booting. Now THAT is hardcore overclocking... none of this LN2 ****...