What
really defines a RISC chip isn't the number of instructions, it's
orthogonality and reduced interdependance. This allows the chip to make much better use of
pipelining and having parallel math or execution units.
In fact, the RISC paradigm has proven to be so successful in this regard that modern i386 chips translate their CISC instructions to an internal RISC command set before execution. Even though this requires a lot of additional effort and doesn't yield the full benefits, the chips are faster than they would be without it.
Our CPUs would probably be 3 to 5 times more powerful today if the research effort that has been put into squeezing more performance out of the inferior i386 architecture had instead been used for making better RISC chips.