From Intel’s press release:
The 22nm 3-D Tri-Gate transistors provide up to 37% performance increase at low voltage versus Intel’s 32nm planar transistors. This incredible gain means that they are ideal for use in small handheld devices, which operate using less energy to “switch” back and forth. Alternatively, the new transistors consume less than half the power when at the same performance as 2D planar transistors on 32nm chips.
The Guardian has posted a great analysis of the announcement. I thought this was pretty big news when I first read it, but evidently not enough to excite the tech community (nor Intel’s stock price).