No one can say until the phone is out and a proper review is available.
The clip+ has very good SQ and so is SGS with voodoo kernel. I personally find ppl are often over optimistic when it comes to something they highly anticipated. There is more to SQ then just just DAC itself, and "Wolfson" not nesscessary guarantee better sound quality than, say a Yamaha DAC. In SGS' case, it is the Voodoo kernel that really brought Wolfson (stock SGS sounds medicore at best) to the top verse other "cellphones" , comparing to dedicated DAP is another story. Again, there are many other variables beside DAC & kernel that will contribute to SQ... one shortcoming of most cellphone is limitation of cap and opamp, especially when you consider SGS III is 8.6mm thick.
I have owned many mobile devices and can tell you SGS sounds very good for a cellphone but definately not "blown away" good when you tried a dedicated DAP. In my opinion, it perform on the same level as iPhone 3G, iPod 5G (both Wolfson I think), but certaintly not as good as midrange Cowons or Hifiman DAP when playing properly mastered lossless source file on a decent pair IEM or headphone.
My guess is SGS III will offer top SG in cellphone category but still falling short when it comes to high-def source file with decent pair of IEM or headphone. For ppl only interested in playing mp3 with bundled earphones, most cellphone will properly sound as good as $2k desk amp.