Anandtech gives their usual in-depth look at the processors inside Apple's new iPhone 3G S. First the CPU, the new ARM Cortex A8 and the short of it is -- if the iPhone 2G and 3G were old 486 PCs, the iPhone 3G S would be a Pentium:
As for the GPU, the PowerVR SGX -- even if it's clocked down to half-speed, it's rendering geometry 3.5x faster with a fill rate 25% higher as well:
Their take away? Well, they say the iPhone 3G S packs a similar hardware punch to the new Palm Pre, but while webOS uses some of that power for 3rd party multitasking, Apple's "highly optimized software stack" will bring the speed.
And that only scratches the surface. For the gritty details, check out the full article.
[Thanks to Damon for the tip!]