Looks like Toshiba will be the first to market with a smart phone running a 1GHz CPU! Of course you need every bit of that 1GHz to make Windows Mobile appear to run normally.
I would be first in line to buy one of these with Google's Android or Palm Pre's WebOS. It would also be a great fit for a MID, or for a Netbook based on Linux or another alternative operating system. I would love to see Haiku or AROS run on this chip. It would make for a very fast, portable, full featured device.
For a long time now, I have been waiting on the great Communications and Media Convergence. This has the potential, with the right software and hardware, to bring this vision one step closer to reality.