IIRC The F-22 uses an array of 39 i960MX processors in each of the two Common Integrated Processor (CIP) "Super Computers". Each i960 processor has 30M Instructions per Second capability. I'm not sure the clock speed, but its under 100 MHz. Each computer also has several custom DSP processors.
This processing capacity could be replaced with a couple of high density MILSPEC FPGAs. Its likely they'd use a 64-bit PowerPC processor augmented by FPGAs. The combined solution would be flexible and probably offer 1000x what the F-22 (Block 5 airframe) went into service, at a fraction the cost of the CIP [1]
As for the reference to the $100 smartphone, the latest "$100" smartphones could probably handle MegaPixel cameras for Augmented Reality and with connected sensors, more commonly known as "Sensor Fusion" [2]
Note: A failure of a $100 smartphone doesn't usually result in a pilot pulling the ejection handles on a $185m (unit cost) fighter. Avionics has to meet higher standards. There are MILSPEC versions of some of these processors. FPGAs are available with MILSPEC qualification.
[0] https://en.wikipedia.org/wiki/Intel_i960#i960_variants
[1] http://www.f22fighter.com/avionics.htm#2.1 Common Integrated Processor (CIP)
[2] http://www.f22fighter.com/avionics.htm#4.0 Software