"Someone set up us the bomb"
"We get signal... main screen turn on"
Hello gentlemen, all your games are belong to us.
I think smartphones are currently too limited for gaming. You can create some touchscreen/accelerometer based games, but still I think a resistant D-Pad and two buttons should be mandatory for phones, or maybe if Android would add support for attaching a real(preferably smaller) controller... that would be an improvement.
I don't think hardware speed is an issue for mobile gaming anymore though.