The rumored:
The lines separating cell phones and laptops had blurred a bit with the advent of tablets and smartphones, but even today they are two completely different segments. But this demarcating line is fading day-by-day. The tablets are getting smaller, and the smartphones are getting more powerful with each new release.

Samsung Electronics, one of the biggest players in the electronics market, is rumored to be releasing a smartphone which would boast of computational power matching desktop PCs which has been unheard of till now. This phone will sport a 2GHz dual core processor which is better than most of the laptops sold a year or two back. This gives the phone an unprecedented computing power of 4GHz. Samsung is also considering selling the CPU units separately to other smartphone manufacturers.
It is always easy to manufacture a single 4GHz processor rather than 2GHz dual core processor, but Samsung is opting for the latter as it allows a much more parallel control which is a must these days for any smart phone.
Why rumor?
The rumor gained steam when one of Korea's business newspaper Maeli quoted a high ranking Samsung official saying that they are working on this processor and are expecting to release it by next year. The rumor has been around for two days now since 17th April, 2011.
It is likely that the CPU units that Samsung are rumored to be manufacturing would be sold under the recently floated brand Exynos by Samsung. If that is indeed the case and the chips are out by next year, it would mean a major boost for all smartphones, and the ones that we are using right now would be relegated to the also used zone.
The unknown:
Right now most of the things are unknown. Apart from the smartphone boasting of 2GHz dual core processor, nothing else is known. Size of phone, the screen, battery life and all other details are pure speculation as of now.
Factbox

The known:
Samsung did recently launch a big brand for application processor family named Exynos and working on a faster processor seems to be the proper direction to take for Samsung. As of now the news about 2GHz dual core processor is purely hot-air, but do not be surprised if an official announcement comes up in the next few days. As per Maeli - the Korean business newspaper that floated the news - a senior official from Samsung is the source of news and that could very well be true.
What if it’s true?
If it is true, and the phone has computing power of 4GHz, that could herald the end of the era of desktop computers. If you can get similar computing powers, you just need a HDMI output, and a wireless keyboard to complete the setup; so why would anybody buy a desktop PC? Soon tablets would be equipped with this processor, and that would be another nail in the PCs coffin.