Intel is not the only one with a High-K metal gate process - IBM has it too, and ARM will have its new processor made by IBM using that process.
The Mobile World Congress in Barcelona is where ARM wants to show the new 32nm processor today. The core is intended to be integrated into SOC (system on a chip) designs, like Nvidia's Tegra. The processor itself should be in production in Q1 of 2010.
ARM is intending to develop SOC's with the new core in both the 32nm and later the 28nm process,
The smaller geometry will lead to power savings, and the ability to run the processor faster.