Gaming consoles VS Smartphones

anyone know where we stand here? i know a little bit about computers but not much to compare, say the iphone computing power vs a nintendo 64 or playstation one. I see iphone with games that look as good as playstation one or 64(check out hero of sparta), but i am wondering where smartphones are in general. im most concerned with the bigger phones coming out with 1 gig processors like the xperia x10. anyone know how far we can push these things as far as things like gaming and media? i would expect the the xperia x10 would be able to do playstation 1 because its more powerful than the iphone, but anyone think we could push it to ps2 style games? or computer games like starcraft? just an interesting thought i had. it would be fun to be able to play the 64 game super smash bro's on a phone...