Google has taken a different approach, where your voice sample is uploaded to a Google server, processed, and downloaded back to the device. This takes less CPU power but is also far less accurate, as the voice sample must be very low quality to have a quick response time from Google's server.
Apple/Siri are taking the approach that high quality voice recognition must be done on device in order to provide the level of performance and accuracy that voice recognition requires. I think we will find that Siri actually works and doesn't have as many errors as Google's voicemail transcription.
This is the reason for requiring iPhone 4S.