The OMAP 4430/4460 has similar performance to the Tegra 2, includes NEON MPE support, and is a little less power efficient than the Tegra 2.
They wanted an SOC that could do 1080p High profile video, the Tegra 2 left NEON out to cut costs while reducing die size, and the phone version of the Tegra Kal-el wasn't going to be ready to go in time.
Personally, the next phone I line up for will either pack a Tegra Kal-el, Wayne, Grey, or maybe an OMAP 5. Windows Phone is looking mighty tempting... with nVidia, they might have a nice combo.