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Computing (FOLDOC) dictionary (also found in English - English (Wordnet), )
MIPS
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1. unit, benchmark Million instructions per second.
The unit commonly used to give the rate at which a processor
executes instructions.
Often rendered by hackers as "Meaningless Indication of
Processor Speed" or in other unflattering ways. This
expresses a nearly universal attitude about the value of most
benchmark claims, said attitude being one of the great
cultural divides between hackers and marketroids.
The etymologically incorrect singular "1 MIP" is sometimes
heard.
See also KIPS and GIPS.