Beyond3D looks at the power consumption and concludes that Apple’s P.A. Semi acquisition has nothing to do with future (or at least not near-future) iPhones and iPods:
The company’s dual-core processor, which is manufactured on a 65nm process (likely at IBM), sports typical power consumption of 5 to 13W at 2GHz. Even if shrunk to 45nm, stripped of its second core, synthesized for a lower target frequency, and binned even more aggressively for power efficiency. It’d still be take substantially too much power for a mobile phone. The idle power consumption of 1W would also need to be reduced by more than two orders of magnitude.