Are you using frameskip? If not try it. Also, user special framelimiter not the standard one.
And yes, that's too slow. That's about how ff8 fight scenes load, which is known to be broken.
You may want to post in the main feedback thread asking about the status of the S3. the Se has either a Mali-400 or a adreno 225 - do you know what yours has? Check my OpenGL thread, it had a link to a place you can check your hardware. Also, are you using the stock ROM out different ROM? My OpenGL thread had a recommended ROM for the S3 I think.