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first the tegra2 chip is revolutionary for handhelds but it cant match the consoles in graphical prowess, this is taken from digital foundry's take on the 3ds and psp2

"how does the Tegra 2 we expect to see in the new Nintendo handheld stack up? Let's just say that it is a significant improvement, and a colossal jump in performance compared to the current DS. While the amount of vertex shader units remains the same, TMUs and pixel shaders are doubled, and as the chip will be manufactured at a physically smaller size (40nm perhaps, versus the current Tegra's 65nm), we can expect a reasonable bump in clock speed too. Our sources can only speculate at this point, but suspect anything up to 300MHz is possible, depending on just how much the platform holders want to concentrate on battery power. The faster the chip, the more impact it has on battery life. "

and with the deal between sony and img we will probably see this chip the sgx543, once again taken from digital foundry

"From what we've learned about the in-development PSP2, the device is going to be a technological monster. Insiders in the mobile space are fully aware that a deal has been struck between Sony and IMG (creators of the PowerVR derivatives found in the iPhone) and, as previously reported by Eurogamer, a multi-core variant of the forthcoming SGX543 looks set to the GPU of choice for the new machine. A four-core version of the chip appears to be most likely, and while this sounds like overkill, at 45nm you'd be looking at die of around 20 square millimetres based on measurement derived from IMG's own whitepaper. That's significantly lower than the silicon used by the current-generation PSP's graphics unit, which should give some inkling of an idea on costs and power consumption.

The deferred rendering solution employed by the IMG/PowerVR set-up makes like-for-like comparisons against the Tegra solution difficult, but not impossible. SGX543 has four arithmetic logic units, two texture mapping units and 16 of the z-check units essential in using its preferred deferred rendering set-up. And that's per core. "

so one core of the sgx543 can theoretically render about as much as the tegra2,