The hardcore hardware will probably not be out until Apollo (mid next year).
But the thing is this: Its the experience. Windows phones are smooth as butter and dont need to have the most super duper processor to run well. In fact, my Focus, with 3 generation old hardware runs better and more fluid than my Atrix.
Now it would be nice for dual core support ect since many games especially will be making splashes with this requirement, but they are coming...just not for another 6-9 months.
But other than some games not making it to the platform due to engine constraints ect, you would never think the hardware was inferior if you didn't see the specs. If you are a huge gamer, iOS is where to be for the moment. If games are not your #1 priority, or just aren't that important, WP is excellent and will only get better.
The UI and overall experience is so much better that I don't mind waiting a little for the platform to mature. You can always get a Windows Phone for the pleasure of use, and have an iPod Touch for a larger selection of games