I'm actually a little unhappy, it looks like they reduced the CPU count for my $20/mo instance. At this point there's basically no reason to stay with them now.
I would encourage you to run a benchmark before deciding that 2 vCPUs is necessarily worse than 8 vCPUs running in a different architecture.
For VMs that are not hypervisor-aware, the hypervisor must have all of that VM's vCPUs available at execution time since it cannot always anticipate which vCPUs the guest OS will execute against.
With fewer vCPUs, one might see what you're alluding to; better utilization and lower wait states because it's easier to schedule 2 CPUs consistantly than 8 CPUs on a host running multiple VMs.
Of course, that's in a VMware environment, so forgive me if Linode's hypervisor of choice avoids this problem I'm sure they're using KVM or Xen or something along those lines, maybe they're not as susceptible.