I don't think that's correct. The 4470 is a single core while the T3 is quad core. It will probably be faster for single core stuff like surfing but would get bogged down with games or multitasking. Someone correct me if I'm wrong.
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The TI OMAP 4470 is ARM Cortex A9 architecture, same as the Tegra 3. It has a Dual-core CPU as opposed to the Quad-core of the Tegra 3. The TI OMAP 4470 SOC has the same CPU as the OMAP 4430 it is however clocked much higher and includes a much better version of the Imagination Technologies GPU - I believe it is the PowerVR SGX544.
I would expect it to have better Graphics performance than the Tegra 3 but not have quite the CPU "grunt" as the Tegra 3. Overall, the TI OMAP 4470 will probably be a solid performer.