No, it's worse for them. This is even noticeable when using Safari: the iPad can hardly keep a pair of pages in memory, it refreshes them all the time (very similar to the experience on a 3G). The iPhone 4's experience is much smoother as it has enough RAM to keep web pages cached as you switch between them.
Here's my concern: my iOS game runs the iPhone at a nice warm temperature.
At the retina resolution, either frame rate will drop or the iPad will get hot. It will need horsepower, but if doesn't get the horsepower, it might just run slower. It's hard to say.
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