The CEO of NVIDIA thinks so:

http://news.cnet.com/8301-1035_3-20102167-94/nvidia-ceo-sees-tenfold-growth-in-mobile-chip-biz/

I suspect there might be some nifty footwork involving Jupiter but with many Apps using one of the Panoramic style interfaces the difference in form factor might not be that much of a problem ...

30,000+ Apps would be a nice start for a new Arm based tablet platform and would certainly give a boost to existing wp7 developers. 

And then there's HTML5 ...  Hmmmmmmm.