If you need any more proof that the graphics power of mobile chip sets is approaching that of current-gen consoles, check out the video above from Nvidia's Project Kal-El, a 4-core version of the Tegra dual core mobile CPU. You can expect to see this coming to Android tablets later this year or early next year, I'd guess.
I expect Apple will be responding with their own 4-core chip in the same time frame. They're not going to give up their current 85% tablet market share without a fight. These quad-core chips will also be making their way into smartphones, of course, as well as the new crop of TV-connected devices that should be taking over family rooms near you. These graphics look to well exceed the current Wii graphics; no wonder Nintendo's busy getting a new console out there.