I think one issue isn't power usage, but cooling. Even if you have your phone docked (and therefore are not worried about power draw), if you raise the TDP too high the phone will burn itself up. I've heard people talk about dock-augmented cooling systems, but I'm not sure how these are supposed to work.
If you think about it, from the heating/cooling aspect it makes no sense for a docking solution to rely on the processing capabilities (graphical or number crunching) to power the computing experience when in docked mode.
The allure of docked mode is seamless access and zero syncing issues/requirements.
What you really want is a docking system in all the processing for the docked smartphone is offloaded to an external processor (including graphics) so the cooling itself can be externalized to that of the smartphone chasis.
Basically turn the smartphone into a very large thumbdrive that also has a mobile connection.
You don't want it to be "dual-boot" though, you want seamless connectivity, so the user should be able to pull his smartphone off the dock to immediately answer an incoming phone call if they want to without needing the internal processor to boot up and reinitialize.
Hotswapping the processing center on the fly.
Then the power usage of the device scales with your usage of the device, using it as a smartphone means only smartphone power usage, use it as a docked computing solution means power usage (and cooling) scales accordingly. But all your apps, data, OS, its all exactly the same because it is the same.
Sure you could do it with the cloud but again you are back to not being seamless because you will still have syncing requirements between the points of content creation/manipulation/review.
Keep it all local because what is local to the entire picture is the presence of the smartphone.