Thanks! 1080p 30fps seems not quite there yet (though impressive for a tablet).
Preview for their lead game doesn't look "console quality" to me
http://www.youtube.com/watch?v=SY7lUziafr4 Though the first games usually don't max out the hardware and of course tablets will probably go through a few generations before the next console generation (excluding nintendo's Wii U), so it's only a matter of time. Just not there yet.
I saw elsewhere that it's not as powerful as the iPad 2 (though clocked 20% faster...)
It's part of the SoC -- it's an Adreno 220 GPU that's based on the mobile GPU technology that Qualcomm bought from AMD/ATI. It uses shared RAM with the system.