TEGRA is some nice stuff.
However, I wonder if they will be able to implement that across a large enough group of handsets to make it viable for developers to seriously use.
The mobile market is very fragmented. Its getting better due to smartphone OSes de-balkanizing platforms into major groups (Symbian, WinMo, Android, iPhone, BlackBerry), but adding more hardware variants may cause problems for developers. Developers need to ensure their product is deployed on as many fronts as possible. So the question becomes 'can TEGRA become a factor of de-balkanization for developers, or the opposite?'.
If Tegra can unite hardware, I think it could be huge for graphics and developers. After all, if Tegra becomes very popular, you would think that dev budgets would scale to implement a title across a lot of platforms pretty easily.
Back from the dead, I'm afraid.