Another interesting development last week relative to K3V2 is Microsoft adding Huawei to the Windows 8 on ARM program:
Nvidia does have an ARM architectural license, but it hasn't made use of it yet. Tegra3 was made in a 40nm high performance process at TSMC. Huawei's K3V2 was made in a 40 nm low power process at TSMC.
With the availabilty of so much of the IP - A9 processors from ARM, GPU from the unnamed partner in the US, "designing" such an SoC is not such a big deal as it used to be a few years back.
For these applications the power efficiency is key - fps alone does not matter - a xeon gets better fps e.g.
BUT I believe this will enable Huawei to do what it has done in the other markets - lower the price of its handsets to a price-point that cannot be touched by anyone else since they now control the silicon as well and do not need to pay a TI or nVidia margins.
It will take them a few generations but they will eventually get it right. Be scared, be very scared.