Texas Instruments has demonstrated their first chip that enables high definition video playback at 720p... from mobile phones! Their new OMAP3430 processor supports OpenGL ES 2.0 3D acceleration and has the power to decode high definition content in mobile devices.

The question in your mind is probably going to be: what the hell do you do with 720p coming out from your mobile phone? Apart from the BWC philosophy ('because we can'), it's interesting to think where this could be headed. Think WiFi-powered phones reading 720p content from the network and showing it on a TV in the vicinity. Think HSDPA/HSUPA/4G networks for streaming HD from the web. Think HD DVB-H broadcasts.
Even though its not anywhere near that time yet, it's interesting.