You can also run the code I've given above on a very fast CPU; however, the PowerVR Wizard GPU has built-in structures designed to accelerate ray tracing functionality in addition to the traditional rasterized architecture, giving you real-time ray tracing + rasterzied graphics + compute in a single GPU.

This article on AnandTech presents the architecture in more detail: http://www.anandtech.com/show/7870/imagination-announces-pow...