It may be just a coincidence, but that would be about right if your CPU requires a 166/333MHz FSB, but your board is only running at 100/200Mhz FSB.
If the CPU was designed to run on a 333Mhz FSB, but your board is set to 200Mhz (as many are, by default), then it would read about 1500+. The formula is FSB x clock multiplier. The clock multiplier determines the speed of the CPU.
Just to show you, here's some math we can apply to show this.
The 2700+ = 2170MHz
The 1500+ = 1350Mhz or so (don't remember exactly)
2170 (speed) / 166 (FSB) = About 13
So from this, we can say the correct multiplier SHOULD be 13 for your CPU. So let's see what happens if we take a CPU with this multiplier and put it on a 100/200Mhz FSB.
Before on 166MHz FSB: 13 x 166 = About 2170
After on 100Mhz FSB: 13 x 100 = About 1300
The numbers aren't exact, but they are probably more than a coincidence. So again, my guess is that you need to set your FSB to 166MHz.
There's a variety of ways to change this on different boards, but most likely it is just a setting in the BIOS a jumper that needs to be changed. It may also be related to your memory, if it is not fast enough for your system. For example, PC3200 runs at 400Mhz. PC2700 is 333MHz, PC2100 is 266MHz and the defunct PC1600 is 200Mhz
If you have any questions, please ask. We'll help you out as much as possible.