AnandTech have probed the iPad 2 and found what makes her tick. That tick comes in the form of a dual-core ARM chip that is clocked at around 900MHz with the graphics side of the iPad 2 being powered by a dual-core PowerVR SGX543MP3 GPU on the die.
With those powers combined,
I am Captain Planet, I mean, much more powerful than the original iPad. This performance increase is not just a little it's actually quite significant. When using GLBenchmark, the iPad 2 pushes 57.6 frames per second, the higher-res Tegra 2-powered Motorola Xoom can process at 26.7 fps while the original iPad can only pull 17.6 fps.
Not quite the "9X faster graphics", but you get the picture.