A new iPhone is announced with specs up to par with the Pre, so next the 3rd iteration of the iPod touch will definately get the same or better hardware updates.
So the new Iphone is announced with a PowerVR SVX graphics chip, and 256mb up from 128 in the original iPhone and iPhone 3G — as well as a faster processor running at 600MHz, compared to 412MHz in the first two iterations of the device. The second-generation iPod touch also sports a faster processor than that found in the first two generations of iPhone, running at 532MHz.
This isn't quite true, as apart from the new iPhone 3GS, all the older devices hace the same CPU, albeit underclocked to save battery life.
In an interview with Pocket Gamer, Michael Schade, CEO of Fishlabs, an iPhone and mobile games developer, said the iPhone 3G S's support for the OpenGL ES 2.0 API will push the machine's 3D graphics capabilities beyond that of the PSP.
Here is Half life on the PC - the current iPod touch/iPhone hardware supports this (naturally iPod touch 2nd gen will run faster due to underclocked CPU in the others).
Here is Half-Life 2 on PC. The 3GS GPU (
according to this site) has all the features required to do this.
Presumably, the 3rd generation iPod touch, when released in September (yes, I know we can't be sure yet, but we can assume past reasonable doubt), will have the same CPU+3D Graphics chip as the iPhone 3GS, or even better (it might leapfrog the iPhone again).
Of course, this is all presuming that the iPod touch 3rd gen (or even the 3GS) has a PowerVR SGX 545 instead of the less capable SGX520/530/531/535/540?
If not then, according to PowerVR's marketing materials, the iPhone 3GS is not capable of OpenCL level programmability.
Quote from PowerVR SGX tearsheet:
"API Support (Series5 and Series5XT)
PVR2D for legacy 2D Support (BLTs, ROP2/3/4), OpenVG 1.1
enabling Flash and SVG, OpenWF enabling advanced compositing,
OpenGL ES 1.1 + Extension Pack and OpenGL ES 2.0, OpenCL
Embedded Profile and Full Profile (SGX545) for GP-GPU, Desktop
OpenGL 2.0 (SGX535/545) and 3.0 (SGX545) and Microsoft Direct3D
Mobile, DirectX9 (SGX535/545) and 10.1 (SGX545)."
AnandTech thinks it's an SGX520 (the lowest offering)
Even so,
In its lowest end configuration with only one USSE pipe running at 200MHz, the SGX can push through 7M triangles per second and render 250M pixels per second. That’s 7x the geometry throughput of the iPhone 3G and 2.5x the fill rate. Even if the SGX ran at half that speed, we’d still be at 3.5x the geometry performance of the iPhone 3G and a 25% increase in fill rate.
Before someone tears down the iPhone 3GS, we can't be sure. What we do know is that it is a Power-VR that is Open GL 2.0 ES compliant. Also, note that Anand is talking about the reference design from Power VR, not the actual Apple chip design. There can be some differences in performance between the two.
Also,

will definately include compass (for added game controls, as an example: a compass adds yaw in flight simulators as well as existing tilt and pitch), and might include a built in microphone for voice control.
Definately no GPS, camera (video or not) or telecom radio. Oh and maybe an
oleophobic screen
Greets, Patrick
Sources:
http://www.ubergizmo.com/15/archives/2009/06/iphone-3gs-gpu.html
http://www.appleinsider.com/article...e_powervr_sgx_gpu_core_for_opengl_es_2_0.html
http://www.engadget.com/2009/06/10/iphone-3g-s-supports-opengl-es-2-0-but-3g-only-supports-1-1/
http://anandtech.com/gadgets/showdoc.aspx?i=3579&p=3