AppleInsider is reporting that both the iPad 2 and the next generation of the iPhone, both rumored to be released later on this year, will feature the next generation of chips designed by Apple. The A5 (named after the A4, the current chip in most iOS devices) is rumored to have two cores, making for faster graphics performance, and enabling things like the iPad 2's rumored Retina Display and HDTV out of the next version of the Apple TV.
There's a lot of technical information out about the new chip (it will likely include the new SGX543 graphics core, an upgrade from the current model used by Apple), but with two cores running, the new chip model is supposed to offer around four times the processing power of the current generation. That allows for both the mentioned graphics upgrades, as well as faster computing tasks straight off of the processor with OpenCL.
Apple's Intrinsity and P.A. Semi are likely to be the companies behind development, while Samsung is likely working on actual production. We can look for faster, better, stronger Apple chips later on this year.