Popular rumors claim a G1/HTC Dream is coming soon and uses the qualcomm 7201 CPU. Definitely plausible, and other similar phones are shipping with the same CPU.
Specs are available:
http://www.qctconnect.com/products/msm_7201.html
Specifically mentioned are:
Up to 4 million triangles per second, and 133 million depth-tested, textured 3D pixels per second fill rate.
I can't say anything about android support of that particular hardware feature, but it certainly sounds plausible.
Also mention is java acceleration, no idea if that's compatible with Android's virtual machine, nor if Google licensed Jazelle™. I do know of other pda/cell phones that didn't because of the expense.