Who needs Quad Core processors in a tablet? You're hardly going to be playing 10 hour marathons of Crysis on it.
I'm betting it does have 2 cores. Everything I have heard so far is that this is based on a Cortex A9 (iphone 3gs has the A8) which is dual core. What I think is that they are using one core for the system functions like searching for 3G signal, auto rotating every app, background processes, etc. The other core would be dedicated to the app you open. An example would be Mobile Safari. On my iphone 3gs (which is jailbroken and has a memory monitor in the status bar) I can see a loss of over 50mb when I'm doing heavy browsing. That loss stays there until I force quit Safari or another app calls on more memory than I have available. With a dedicated chip, whatever single app is open would get 100% use of that core. That would explain why the A4 "screams". It's a fast chip and each app is getting to use it fully. Obviously I don't know exactly whats going on or anything about the A4 but it makes sense to me *shrugs*