LG was one of the first companies to demonstrate a Moorestown based phone as recently as earlier this year. Just 54 minutes ago however LG announced that starting in Q4 2010 it will be shipping smart phones based on NVIDIA’s Tegra 2.

We first introduced you to Tegra 2 back at CES 2010. It’s NVIDIA’s second generation smart phone SoC with a pair of ARM Cortex A9 cores (ARM’s first out-of-order architecture). The dual core CPU will run at 1GHz. Tegra 2 also features NVIDIA’s own mobile GPU, although we know nothing of its architecture or how well it stacks up to high end GPUs from Imagination Technologies. NVIDIA calls it a GeForce GPU however I’d be surprised if there’s any similarities between it and what’s shipping in desktop Ge Force GPUs today.

LG’s press release is pretty light on details although we do get some performance projections. LG states that web browsing can be up to 2x faster and gaming performance can be up to 5x faster compared to single core processors running at 1GHz. If we’re conservative and assume that is in comparison to Qualcomm’s Snapdragon SoC then we’d expect Quake 3 frame rates at just under 100 fps. Web browsing at 2x the speed of Snapdragon would be much faster than anything we’ve seen to date.