Some are calling bullshit, but i guarantee this is going to happen very soon. Hell, we'll be seeing dual core processors in smart phones by next year and it's only going uphill from there. The only thing that will limit the processing power of a phone is battery life, heat, cost, and size -which are all major factors- but we've all seeing major improvements in all areas of mobile technology and it's only a matter of time until we see current gen graphics on our phones.
My prediction: 2012 at the least and 2015 at the most.