WHO CARES.
Here is what most people care about:
UI Responsiveness (Phones have almost nailed it with the S3 and Nexus 4)
Camera Quality (Sony is making better sensors for low light conditions)
Battery Life (??buy a bigger battery??)
NOT: Playing lame tap to shoot games that may need the latest OpenGL.
Most people I know (save the kids) use their phones for web browsing, music, photos, calling and a few utility apps. I only see toddlers and pre-teens playing Android games. Couple that with the fact that most Android games barely even utilize the full power of lets say a Tegra 3, I highly doubt OpenGL 3.4 or a Tegra 4, 5, 6 will vastly improve the things most people do on their phones. Do we really need this much power if we are going to stay with tap tap type of apps?
Wake me up when I can dock a x64 phone to a mouse, keyboard and HDMI out and do some real DAW work, video editing and more. Not some proof of concept Atrix crap. Maybe then I can better feel benefits of a 2GB RAM, quad core phone with a beefy GPU and justify spending +$600 for a phone. Until then, I feel the public will start regarding new phones much the way they view the next generation gaming systems.