While I love Android, for many people a smartphone is a portable information device. Other than calls I use it for browsing the web, messaging, email, weather, maps, music, camera, basically all the functions that don't require a powerful processor, and the games I play are simply the 5 minute time killers.
I personally don't see the point in such a powerful processor in a phone as the size of the device is simply too restricted to play games for extended periods or watch movies etc. Nor do I see the point of the trend of huge phones, they're simply unmanageable in my opinion.
So a console with the same processor as my Nexus 7, which I do sometimes play games on sounds great. Honestly the Tegra 3 in my tablet is wasted, as again most of what I do on it is information based. the Nexus 7 is again too small for me to do anything useful.
I skipped the PS3/Xbox generation due to cost and time, my last console was a gamecube, which I still use now and then. I'm definitely considering ordering one with a second controller for my girlfriend, and I suspect it will be graphically similar to the gamecube, possibly a little better due to modern gaming engines with better optimizations and chips with more advanced methods of shader processing etc.