Samsung and Intrinsity have developed a new chip similar to the one the iPhone 3GS currently runs with an improved speed of 1GHz. Code-named "Hummingbird", the chip could power Apple's next iPhone which currently runs on a 600MHz Samsung processor.
They aren't the first 1GHz chip makers however, Qualcomm announced their processor earlier this year and it powers Toshiba's TG01 smartphone which runs Windows Mobile 6.1, recently released in the UK and Japan markets.
In addition to the new iPhone, expect such fast speeds to be commonplace in Android, Palm and WinMo 6.5 running mobiles as early as next year.
I've suddenly lost the urge to purchase any smartphones, best wait for these fast ones to be announced.