In the latest iPhone OS 3.2 SDK beta 3 for the Apple iPad it has now been confirmed that the iPad is using the same graphics hardware as the iPhone 3GS.

Using OpenGL ES on iPad is identical to using OpenGL ES on other iPhone OS devices. An iPad is a PowerVR SGX device and supports the same basic capabilities as other SGX devices. However, because the processor, memory architecture, and screen dimensions are different for iPad, you should always test your code on an iPad device before shipping to ensure performance meets your requirements.

What this means is that the graphic chip used for the iPhone 3GS will now have to power a display that is over 5 times larger ((1024*768)/(480×320)). While the CPU and MMU is faster on the iPad than the iPhone 3GS (the iPad uses ARM Cortex A9 at 1 Ghz where the iPhone uses an ARM Cortex A8 at 600 Mhz) it still remains to see exactly how much slower games will run on the iPad in native resolution than on the iPhone 3GS.