Mali might be faster (or maybe not), but Tegra 3 definitely better. Because it has better, enhanced games. Developers develop for Tegra. They don't develop for Mali or Adreno.
One guy complained that Shadowgun looks better on my phone than on his iPad3 - I had to explain that I'm running THD version, that we have those Tegra enhanced games. That makes a difference.
Tegra 3 will run all games. Adreno/Mali will require Chainfire3D with plugins to run Tegra games.
Thats my view on that.