What SoC are you using?
The SoC is a Broadcom BCM2835. This contains an ARM1176JZFS, with floating point, running at 700Mhz, and a Videocore 4 GPU. The GPU is capable of BluRay quality playback, using H.264 at 40MBits/s. It has a fast 3D core accessed using the supplied OpenGL ES2.0 and OpenVG libraries.
Why did you select the ARM11?
Cost and performance.
How powerful is it?
The GPU provides Open GL ES 2.0, hardware-accelerated OpenVG, and 1080p30 H.264 high-profile decode.
The GPU is capable of 1Gpixel/s, 1.5Gtexel/s or 24 GFLOPs of general purpose compute and features a bunch of texture filtering and DMA infrastructure.
That is, graphics capabilities are roughly equivalent to Xbox 1 level of performance. Overall real world performance is something like a 300MHz Pentium 2, only with much, much swankier graphics