Yup.
And I'd be shocked if any of the apps written in the near future (read: 8-12 months) will take advantage of this so as to not to alienate the legacy hardware in the iP4.
Big speed increase that you won't see any real benefit from for some time.
Oh, and good luck enjoying your fast graphics with a shattered glass back or glass screen because the iPhone 4S continued to use fragile build materials and refused to put a protective bezel around the phone to protect the edges from direct shattering impacts.
Prepare to be shocked then. (1) This is the same GPU as the iPad 2... might be a few apps around already taking advantage of this