It's going to take a while. My laptop with a Core i7 Quad Core, GeForce GTS360M 1GB RAM Video Card Overclocked, 6GB DDR3 RAM is barely enough to run full speed on most games... and that is after years of Dolphin code optimization. I still get some minor slowdowns during intense portions of some games.
The amount of power alone that it takes to power this thing drains a 6 cell battery in 30 minutes! There's so much heat it's like I have a blow dryer on my lap.
There is no doubt that the phone processor will be much more power efficient and the screen will suck less power but I still think we are a long way off from having enough power in a mobile phone.