We’ve known for a while that Intel’s Haswell processor would continue to drive GPU performance in a significant way. With Haswell, Intel will offer a higher end graphics configuration with more execution resources than before (GT3) as well as an even higher end offering that pairs this GPU with 128MB of embedded DRAM on the CPU package (GT3e). Intel’s performance target for the highest end configuration (GT3e) is designed to go up against NVIDIA’s GeForce GT 650M, a performance target it will hit and miss depending on the benchmark. 

Regardless of whether or not it wins every benchmark against the GT 650M, the fact that an Intel made GPU can be talked about in the same sentence as a performance mainstream part from NVIDIA is a big step forward. Under no circumstances could Intel compete with NVIDIA on performance and still do so under the Intel HD Graphics brand. Haswell is the beginning of a new era for Intel. The company is no longer a CPU company forced into graphics, but with Haswell Intel begins its life as a GPU company as well. As a GPU company, Intel needs a strong GPU brand. AMD has Radeon, NVIDIA has GeForce, and now Intel has Iris.
The brand is a nod to a long forgotten history of 3D graphics, as well as an obvious reference to the fact that GPUs are used for very visual purposes. Before OpenGL was well, open, it was a project known as IrisGL. 
Intel is doing the right thing with Iris and only using it to refer to its absolute best graphics options. Intel HD Graphics will remain, and will refer to all GT1/GT2 and some GT3 configurations with Haswell. Iris and Iris Pro will be used to refer to high end GT3 and GT3e configurations:
Anything with GT3e will have Intel’s Iris Pro 5200 graphics, while 28W SKUs with GT3 will have vanilla Iris 5100 (non-Pro). Any 15W SKUs with GT3 will be HD Graphics 5000, and GT2/GT1 parts will also be identified as Intel HD Graphics.
We know what makes Iris Pro special (128MB of eDRAM), but it appears that the main difference between Iris 5100 and HD 5000 is max GPU clock speed. Intel wants Iris associated with performance, which is a very good thing. Having Iris reach down into non-GT3e parts as well is a bit unsettling but at least GT3e gets the Pro designation. 
Intel claims Iris/Iris Pro will deliver up to 2x better performance than Intel’s HD 4000 graphics in notebooks, and it’s using 3DMark11 to validate that claim:

Although Ultrabooks (now 15W) won’t get full blown Iris performance, they should still see a healthy increase in GPU performance compared to where they are today (50% improvement in 3DMark) at a lower TDP. The move to a full speed GT3 part (Iris) should more than double performance in 3DMark. Also worth noting is the fact that we now have a 28W ULT part (i7-4558U). This is a part designed for larger Ultrabooks (14/15"+) that would otherwise have a low end discrete GPU.

Iris Pro will be exclusive to quad-core parts, and the advantage there grows to 2.5x in 3DMark11. There's a slight increase in processor TDP here, but obviously much better performance. That last bar is with the i7-4950HQ running with its TDP set to 55W (cTDP up).
BGA (non-socketed) desktops will also have the option of using Iris Pro if you get an R-series SKU. The performance gains there over Intel HD 4000 are even more impressive thanks to the additional TDP headroom:

QuickSync performance will also improve as a function of increased number of EUs. There’s also DX11.1, OpenCL 1.2, OpenGL 4.0 and 4Kx2K support.
This is really the beginning of a new era. Intel isn't talking specifics about power savings here, but that's really where Iris and Iris Pro will shine. The fact that performance will finally be reasonable enough to actually play games is just icing on the cake. Kicking discrete GPUs out of non-gaming focused notebooks and replacing them with Iris Pro parts should keep performance high while significantly reducing power consumption. 

With Iris Intel is finally committed to graphics, and that's a very good thing.
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  • fteoath64 - Thursday, May 2, 2013 - link

    You can blame Marketing for this. They want customers to buy mid and high-end parts, not so low-end. At the same time, making low-end part (ie the i3) slower than expected would encourage an upgrade to a mid-end part. Again, those pesky marketing tricks used often. Hey, it is the price point. If you buy i3 do not expect i5 performance, if you want that get the i5. It explains why we are seeing less models on offer for the i3 parts.
  • Spunjji - Friday, May 3, 2013 - link

    Probably right. It's easier to just buy an i7 than to try and wade through the spec sheets to figure out whether the features you want are included in a lower-end variant.

    Same game Microsoft likes to play with Windows licencing...
  • tipoo - Thursday, May 2, 2013 - link

    3x would still put it under the 650M they compared it to IIRC, the 650 was about 5x faster (lazy and at work so not checking, do correct me if wrong).

    Also how does Intel fare on this whole frame latency thing?
  • kallogan - Thursday, May 2, 2013 - link

    2,5x HD 4000 score would give P1750. It's nowhere close to the P2200 of the 650M GT.
  • whyso - Thursday, May 2, 2013 - link

    its about 3 times faster in games.
  • DesktopMan - Thursday, May 2, 2013 - link

    No GT3e for dual core parts, that's surprising. What does this mean for the 13 inch MacBook Pro which up to now was destined for GT3e?
  • fteoath64 - Thursday, May 2, 2013 - link

    Since Apple had decided in the SB days to use Intel's IGP in the 13 inch pro, there is no loss from their perspective as the new part is faster (if only a little, still faster). For the 15inch Pro, it settled on the GT650M so that is still faster than the GT3e so Intel is not making much headroom on the Apple side of things, however would certainly displace may lower-end discrete graphics on the PC side of the business. Still a win for Intel (maybe big but not huge). Yawn. The evolution is still on-going as the specialists (AMD and NV) pulls ahead strongly on their discrete chips for mobile. Gpu is a losing business for Intel but they still plot along (they felt they do not have much of a choice really).
    Also, there is no incentive to partner i3 part with GT3e since AMD Trinity and Richland will cream it and is cheaper. There is the competition and it is at the door step. This is why Intel is hyping the i7 for its superiority. Rightly so but who really need it ?!. Not most.
  • Kjella - Friday, May 3, 2013 - link

    Losing business? Intel has been gaining market share every year, less and less people see the need for discrete graphics. APUs are what keeps AMD floating. Don't get me wrong I have always had discrete graphics since I'm a gamer but I also know I'm in a small minority.
  • DesktopMan - Friday, May 3, 2013 - link

    Anandtech have been pretty clear on the fact that Apple is the one custromer pushing Intel for higher GPU performance. It would not surprise me if the 15 inch MBP drops nVidia once the Haswell refresh comes around. Lower clocked quad core for 13 inch maybe? Would be nice.
  • tipoo - Friday, May 3, 2013 - link

    Not unprecedented for Apple to go backwards on GPU performance, the current low end iMac just did, the macbooks from the 320M to the HD3000 sometimes did.

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