The iPad 2 scores 750 on Geekbench, which is roughly the same as the Intel Atom N270. But the Apple A5 has a TDP of 0.5 watts while the N270 has a TDP of 2.5 watts. In other words it provides the same performance at 5x the energy efficiency.
Now keep in mind that the ARM cortex A9 may operate at up to 2.0GHz (at 1.9 watts) while Apple is clocking the A5 at 1GHz. Such a configuration would beat any Intel Atom chip currently available in both performance and power consumption. The only problem is that no systems are using such a configuration at the moment (unless you want to buy a development board).
Ok, so when you said latest you probably weren't referring to Intel Atom. But ARM simply isn't targeting higher performance markets than this right now. We'll see what the future holds.
Yeah, that's great that it will beat the atom processor... what macs use the atom processor though? None. And atom processors don't even come close to the performance of the very old core 2 duo, and none of the i series processors would even bat an eye at the thought of an ARM processor.
Now I understand that arm will improve and get faster within the next few years, but to think intel isn't going to be developing their tech at same time is absurd. Even within 5 years I don't see arm competing with what intel has to offer. ARM may reach similar levels of performance to some of intels current high end processors within 5 years, but by that time intels latest processors will still blow arm away.
Perhaps at that point we could see arm processors in some types of systems for the improved battery life they provide and less heat, but it will be a loooooong while before we see "professionals" using arm in their workstations imo.