Using the OMAP5 development kit, they demo several 3D applications, the web browser and the picture gallery and it looks extremely smooth.
They discussed about the OMAP5 vs Tegra 3 benchmark, and it appears mobile web browsers are not yet optimized for more than 2 cores which could explain the performance difference somewhat.
The OMAP5 currently runs at 800 MHz, but there will eventually be 2 versions: 1.7 and 2.0 GHz when the OMAP 5 AP is released. This should show a performance improvement of over 4x against the Tegra 3, although I’m sure in the meantime, Nvidia will have announced the Tegra 4 (Wayne).
The OMAP 5 also offers impressive improvement in power consumption, as the SGX544 GPU cores are augmented by a dedicated 2D hardware-accelerated composition engine which can lower power consumption by as much as 10x for specific tasks. OMAP 5 is also expected to use 40% less power than OMAP 4.
Products based on OMAP 5 processor should be available by Q4 2012 or Q1 2013.