No; there are no quad core mobile CPUs, and it's likely when they arrive, they'll require a completely different mainboard design, so the situation is likely to stay that way.

Yes, that is the terminal upgrade. Remember that there are CPUs below that speed you cannot use (i.e., the Socket P units - the ones with an odd second digit, such as the T7100, T7300, T7500, etc.). The T7700 and up (including the T7800) are socket P and won't work as well.