It would be possible to create a low-power, low-cost, high-flops processor, but it would end up being a VERY specialized processor. A cpu that only has to support a single instruction or two can be very good at it (them) without needing millions of transistors and tons of power. If it was a general-purpose processor like an Athlon or Pentium they likely wouldn't be calling it a co-processor or putting it on expansion cards. It'll be a very specialized processor for specialized tasks.
Judging power by required heatsink size, compare an Athlon64 FX or similar chip to say a Radeon9800Pro. The radeon is WAY WAY faster at doing the few instructions that are required to render a complex 3D scene, but (assuming it could) you probably wouldn't want to try to run windows on it.
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