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They're talking about the clock multiplier. The backside bus speed times the multiplier equals the processor clock speed.
An unlocked chip allows you to change the multiplier, overclocking or underclocking the chip or backside bus.
If you don't plan on messing with any of these, a locked chip is fine. If you think that you might want to overclock the processor, for example, an unlocked chip may be worth the premium.
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