MIPS officially stands for Million Instructions Per Second but the Hacker's Dictionary defines it as Meaningless Indication of Processor Speed. This is because many companies use the theoretical maximum for marketing which is never achieved in real applications. E.g. current Intel processors can execute up to 4 instructions per cycle. Following this logic at 2.5 GHz it achieves 10,000 MIPS. In real applications, of course, this number is never achieved. Another problem, which slavik already mentions, is that instructions do different amounts of useful work. There are even NOPs, which–by definition–do nothing useful yet contribute to the MIPS rating.
To correct this people began using Dhrystone MIPS in the 1980s. Dhrystone is a synthetical benchmark (i.e. it is not based on a useful program) and one Dhrystone MIPS is defined relative to the benchmark performance of a VAX 11/780. This is only slightly less ridiculous than the definition above.
Today, performance is commonly measured by SPEC CPU benchmarks, which are based on real world programs. If you know these benchmarks and your own applications very well, you can make resonable predictions of performance without actually running your application on the CPU in question.
They key is to understand that performance will vary widely based on a number of characteristics. E.g. there used to be a program called The Many Faces of Go which essentially hard codes knowledge about the Board Game in many conditional if-clauses. The performance of this program is almost entirely determined by the branch predictor. Other programs use hughe amounts of memory that does not fit into any cache. The performance of these programs is determined by the bandwidth and/or latency of the main memory. Some applications may depend heavily on the throughput of floating point instructions while other applications never use any floating point instructions. You get the idea. An accurate prediction is impossible without knowing the application.
Having said all that, an average number would be around 2 instructions per cycle and 5,000 MIPS @ 2.5 GHz. However, real numbers can be easily ten or even a hundred times lower.