Motorola has been secretly working on a Tegra 2 powered phone for a while now, and they have been giving us hints about it before, when the CEO of Motorola told people that they are releasing a 2 Ghz phone with Nvidia graphics by the end of the year.
Well, it seems this phone, named Droid Terminator, will not be coming this year, but it will be announced at CES next year, on January 5th. Motorola is being very secretive because they wouldn't want people to find out that a phone that has 2-2.5x the CPU performance and 5x the graphics performance of current phones is coming in just 3 months from now.
However, you should keep in mind that this performance will only happen at current resolution, which is 800x480. If it gets a higher resolution like 1280x720 ( I believe it will), then the performance will suffer quite a bit, just like it would for any PC game when you play at a higher resolution. But it should still be way more powerful than current phones, and also have a pixel density higher than even iPhone 4.
Tegra 2 should bring not only amazing 3D games like the ones built on the Unreal 3 engine, but also a much more fluid UI for Android Gingerbread, and later on, hardware acceleration for the Android browser to increase its rendering speed - which is very needed on a smartphone.
Motorola already has the hardware ready, but they are now waiting to get the software, which will be Android Gingerbread. I think they would also rather have people buying all the old phones for holidays, and then awake the market after holidays with their powerful offering.
Droid Terminator will supposedly come to all 4 carriers in USA, following Samsung's strategy with Galaxy S.