Since the Game Boy Advance was a Super Nintendo, and the DS was a Nintendo 64, most people expect the upcoming 3DS to have the horsepower of a GameCube. IGN say that may be under-selling the machine somewhat.
The website reports "Several developers that have experienced 3DS in its current form have reported, off the record, that it has processing capabilities that far exceed the Nintendo Wii and bring the device with abilities that are close to HD consoles such as PlayStation 3 and Xbox 360."
Interesting. Sounds like "several developers" may be getting ahead of themselves there, as we seriously doubt the 3DS will be packing such a powerful punch as to even come close to HD home consoles. But that's OK. We don't need it to! A handheld as good-looking as a Wii (or GameCube) would be fine; any better than that, no matter how slight or exaggerated the final results, and it's a bonus.