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Well, there was a huge fuss a few years ago when ATi released their Imageon mobile processors for phones/PDAs... so the hardware's there.
...but no-one seems to a) stick it in a device b) program for it. With the PDA market shrinking at the rate it seems to be, I wouldn't hold your breath.
It's a shame, too... I loved the PPC2002 PDA I used to have and I really see where the platform /could/ go if only the resources were thrown into it.