Progress will be swifter than PC and console GPUs.
NVIDIA predicts that the performance of mobile graphics processors will surpass the quality of Xbox 360 by 2014.
A graph given to AnandTech shows NVIDIA's predictions for PC, console and mobile GPUs over the next few years.
While the respective trajectories are pretty much what you'd expect, it's notable that NVIDIA expects mobile graphics to improve at a steeper rate than the other two mediums.
In the graph above, the "Console" line is representative of graphics achieved by the first Xbox and Xbox 360.
PS3 performance isn't taken into account.
Can you imagine your mobile being more powerful than an Xbox 360 in two years?