I doubt that anybody else will have more than 4GB of RAM or 128GB of flash in 10 months. There may be some phones that match it, but I would be willing to give great odds that there won't be a mainstream phone with more.
PC's can/could via PAE. Each application could only address 4GB (of which some would need to be set aside for mapping in other stuff than application data). Don't know if 32bit ARMs support hacks like that, though.
It looks like the latest 32-bit ARM chips have this capability [1]:
40-bit Large Physical Address Extensions (LPAE) addressing up to 1 TB of RAM. As per the x86 Physical Address Extension, still only 32-bit address space is available per process.
