That was sorta what fueled the smartphone revolution - everything useful could be done on a computer from 1995, and then a computer from 1995 could fit in your pocket. Then they kept on increasing in power, such that smartphones today are good enough (modulo screen space) to compete with PCs from c. 2013.
Now we're just waiting the newest form factor that you can shrink 1995-era processing power into. Brain implants?
Microcontrollers are already there, at least in terms of processing power, and they open up all kinds of possible form factors. The Cortex M0-based Arduinos can be made extremely tiny (see the Adafruit Trinket M0) and run at 48MHz. RISC vs CISC means it might not be as fast as a 33MHz Intel from 1995, but the new M4-based Arduinos are coming out running at 120MHz with the ATSAMD51 chips. When you have a 32-bit microcontroller at 120MHz in just 49mm^2 and 65µA/MHz power draw [1], all kinds of form factors are possible at speeds meeting or exceeding your average 1995 PC.
Now we're just waiting the newest form factor that you can shrink 1995-era processing power into. Brain implants?