Reportedly, Ingenic has just signed a license agreement with Vivante to pair up the former company’s power MIPS CPUs with the latter’s new efficient GPUs. You’ll probably remember that late last year, the first Android 4 tablet was actually powered by a MIPS processor and not by an ARM one.
MIPS has been in the market of making powerful and efficient processors for a long time now. The company has much more experience with servers and workstations, while ARM has none whatsoever.
After leaving SGI because it had chosen Intel’s Itanium architecture (a move that led to the former company's bankruptcy), MIPS saw that the server market was mostly oriented towards x86 solutions, so they went back and concentrated on efficient, low-power architectures.
The most recent achievement of MIPS in the mobile business was the aforementioned launch of the first Android 4 tablet using an Ingenic MIPS processor.