Okay, maybe not blowing our desktops out of the water right now, but give it a few years. Smartphones running 1 GHz single core ARM processors were about 7 years later than their x86 counterparts. We now have quad core ARM processors being released this year, and they stack up solid against low-end processors from a few years ago. If nVidia is telling the truth and is accurate about Wayne, Logan, and Stark, it absolutely blows Moore's law out of the water. We are talking about an exponent of ten increase every year, 2 at most. Let's consider x86 architecture. Core i 45 nm was released in late 08, and now in early 2011 we have Sandy Bridge. So, about 2 years difference. One thing I can tell you is that my i7-2600k, even overclocked, does not perform anywhere close to 10 times better than an i7-920. If ARM processors can pump out tenfold increases every year, year and a half, ARM will more than likely overtake typical core i7 Nehalem processors in 3 years max, Sandy Bridge not long after that.
But, do take into consideration that in probably 6 or 7 years, silicon based processors will have reached their smallest manufacturing process. I think, correct me if I am wrong, but isn't ARM at 28 nm? If so, it'll hit alternate processing techniques about the same time as Intel probably does, or sooner. Pretty sweet, these SOC's.