In his recent article "The iPhone 3GS Hardware Exposed & Analyzed", Anand of AnandTech had this to say in his Final words:

As I mentioned earlier, the Palm Pre uses a similar combination of hardware to what I expect from the iPhone 3GS. TIís OMAP 3430 combines a Cortex A8 CPU core with a PowerVR SGX 530 GPU. The difference is that while the Pre uses its excess horsepower to enable user-level application multitasking, Apple wonít be. The Pre is most definitely faster than the iPhone, but it still has some rough edges.
According to him, Pre has almost same or little faster hardware compared to new iPhone 3GS. I hope there be way in near future to bring the game adventure to Pre's world like iPhone has perfected it. I cant wait for Anand to do a hardware analysis review of Palm Pre, and he said he is working on one.