From what I can see the PowerVR set up looks quite good. Without signing the NDA you get a PC DirectX looking examples.
And I presume with signing the NDA and some financial partnership, the PDA versions must include thier API for the chip. It has triangle plotting stuff etc. I don't know if they lose all advantages when WM2005 supports DirectX. Given it'll take at least a year to get a 3D game off the ground.