I can't think of much more that they would need to implement that their competitors are remotely close to having. They have multitasking, they have video, games, music, GPS, HTML5, maps, HD recording, forward facing cameras, Skype, etc.
It sounds like you're saying Android has something special that needs more hardware, which isn't true. The _base system_ needs faster hardware, because it's general purpose. An Xbox can run faster than Windows on the same hardware because it's designed for just one implementation.