iPhone Performance Question relating to CPU-WAITS-GPU

In the docs under measuring performance with the built in profiler it says that if the number for CPU-WAITS-GPU exceeds 2-3 ms then the application is most probably fillrate/GPU processing bound.

I’m desperately trying to increase the frame rate of my game and I think this may be the issue but I do not know for sure. I combined meshes on lots of objects in my game and this reduced my draw calls from 45 to 25ish. I’m currently running stats like this on average:

iPhone Unity internal profiler stats:
cpu-player>    min: 15.2   max: 22.4   avg: 18.4
cpu-ogles-drv> min:  2.1   max:  3.8   avg:  2.4
cpu-waits-gpu> min:  6.8   max: 30.0   avg: 15.2
 msaa-resolve> min:  0.0   max:  0.0   avg:  0.0
frametime>     min: 31.1   max: 52.2   avg: 38.9
draw-call #>   min:  30    max:  31    avg:  30     | batched:    16
tris #>        min: 18536  max: 18596  avg: 18584   | batched:  1992
verts #>       min: 23522  max: 23639  avg: 23615   | batched:   840
player-detail> physx:  4.1 animation:  0.3 culling  0.0 skinning:  0.7 batching:  1.2 render: -9.4 fixed-update-count: 3 .. 5
mono-scripts>  update:  2.6   fixedUpdate:  0.6 coroutines:  0.1 
mono-memory>   used heap: 688128 allocated heap: 2572288  max number of collections: 0 collection total duration:  0.0

Anyone have any suggestions for me to help my game’s performance or possibly reduce the cpu-waits-gpu? The game is currently running choppy. I’m using an iPhone 4 for testing. Game runs perfectly smooth on the new iPad, but there is considerably more power in the new iPad.

Use low-res instead of full-res. The GPU in the iPhone 4 is the same as the one in the 3GS and can’t really handle the 4X higher resolution.