Given the tons of expensive ram current graphics cards are using, PowerVR could potentially be competitive, even if their main chip costs more, just by using cheaper ram. They'd also be a good choice for integrated graphics using system ram. (or a pci express card using system ram? I'd imagine a tbdr linked to the 12.8GB/s main memory could get decent performance)
Their series 5 cores (SGX) are pretty fully featured too, if they could scale up performance they'd be good to go.
They also just opened a US division, though it looks to be aiming still towards integrated stuff.