You can only compare frame times between 2 wu's from the same project.
The other more common measure for us points junkies is ppd (points per day).
For benchmarking comparisons ppd/ghz also normalizes things.
For the standard single core windows client, stanford benchmarks the wu's before they are released on a p4 2.8c with HT turned off. On the smp wu's, they benchmark on a quadcore woodcrest. I think the standard core client benchmark is ~ 60 ppd/ghz. If the wu's use a lot of memory or network bandwidth for up/download, they are also given bonus points.
Some cpu's/architectures will do better than the benchmark and some will do worse. Some wu's use sseII heavily, some don't. Cache can make a huge difference on some wu's.
While the points system is good for creating some lively competition between individuals and team, it can also be a sore point. For example, when a lot of bonus wu's are available and they heavily favour p4, c2d or AMD, a few people get very annoyed, and outspoken. Others try to figure out cheats. Just like in real life, a small percentage of the population become a problem.
Fortunately, most people are committed to folding for the scientific benefit to humanity.

I just like to make sure i fold as efficiently as possible and encourage everyone else to do the same.