Do we need a phone that has 200mhz extra power? I hate this philosophy in computing and seriously, do your own homework. You think it's underpowered, but it's iOS4 showing it's age from legacy parts from the first iOS.Are you living under a rock ? Because the iPhone 4 is grossly underpowered compared to the 2011 smartphones.
There's nothing more powerful than that 1Ghz chip out on the market currently if you compare all the Android and WM7 phones. Most use the A8 chip (which the Apple A4 has in its own customary way).
I'd rather Apple concentrate making iOS5 much more efficient for the A4 and beyond. Yes, the Cortex A9 would give up to 2GHz and dual core. But no company yet has probably made it ready to be placed into market yet. Would there be any need for that sort of the processor for the sake of making the battery life decrease? Software development needs to be done first.
Don't jump too far yet. I'm sure we'll see iOS5 before a new phone. Especially with the CDMA version and white iPhone possibly coming out first. What's the rush?