@Karlos
Actually it still is an issue, as ATI and nVidia have spent a lot of silicon trying to by-pass PowerVR's patents on the process. nVidia bought 3Dfx just for 3Dfx's patent for a similar process, which is used in today's 5900FX.
But none of them are as good as PVR's technique, well worth investigating as the PVR just lacks a few functions to be turned into a modern day competitor. (you're comparing 4-pipeline solutions running at 300Mhz+ with a 1-pipeline solution running at 133Mhz, imagine if you superscale the PVR and ramped up the clock speed)