I wasn't jumping on you, but the baseline was not stated, just wanted to know. So you are calculating a delta from the native bus speed. That is all I wanted to know.
The wait states are important as they pretty much dictate what overclock the card will stand. It does not mean the AGP bus is actually running any faster, it just means the cards can introduce more wait states to hold it off. I would have to dig up what the maximum wait state tolerance it before the bus errors out, but I know this to be a limiting factor.
I hear what you are saying. You have a motherboard that cannot lock the AGP bus speed. Not a problem on the current generation of motherboards.