I dunno about apple products, but many current android devices can handle it, at least from a technical standpoint. My HTC incS runs qemu (the x86 emulator) so fast that many directX accelerated games like Age of Empires are playable on top of Windows 98 SE, with sound. And the incS is only a single core 1ghz.
Now that the doom 3 source code is out, we don’t have to emulate x86 for it to run, it can be tweaked and recompiled to run natively on ARM. My old P4 2.6Ghz+Radeon 9600XT (Doom 3 60FPS max settings) cannot play 720p flashplayer videos, which my phone can.