The problem is that a computer is, first and foremost, a CPU. Saddling the world’s coolest peripherals and 25 TB of RAM with a slow CPU is… an exercise in futility. Once we get to obscene desktop / laptop levels of CPU speed, sure, maybe it won’t matter. But there’s no way in hell the current mobile perf levels are anywhere near obscene.
Has everyone already forgotten the iPad 3? Fantastic new retina display! Hideous performance! Well, maybe you did forget, because (cough) performance kept increasing 2x every year.
The “Apple is suddenly kicking Intel’s ass now on their home court” topic is → → over there.