The LG Optimus 3d uses the same SGX 540 graphics that our SGS uses. BUT it is clocked at 300mhz vs our 200mhz AND it uses an updated driver. With these improvements, early benchmarks show it beats the tegra 2 and the quad-gpu in the SGS II. Of course these benchmarks don't tell the whole story, but I still find it interesting. I hope Samsung can make sure android can take advantage of the gpu in the SGS II.
Most PowerVR SGX 540 designs run the GPU core at up to 200MHz. OMAP 4's implementation is another 50% faster. LG's software build also uses a newer version of Imagination Technologies' driver (1.6 instead of 1.5) which fixes some rendering issues (specifically in the Egypt test) and improves performance considerably (likely between 10 - 30% in GLBenchmark2). You can see that the image quality issues are fixed in the video showing the Egypt demo running on the LG Optimus 3D below:
Taking the performance improvement due to the driver out of the equation, we're still looking at a nearly 20% increase in performance over the SGX 540 in Hummingbird. The 4430 holds a similar advantage over NVIDIA's Tegra 2.