But your question is specifically about computational power. Any area that requires modeling or methods that must be over-simplified in order to run on today's hardware are candidates for benefit from computational power. That seems to leave a lot of room: http://en.wikipedia.org/wiki/Modelling_biological_systems
But I will grant that development of new algorithms is also important. It's just that computational power itself assists in the discovery of new algorithms via the development of better research platforms.
The fields of bioinformatics and computational biology are firmly established and growing rapidly. This 2012 article summarizes: http://www.ploscompbiol.org/article/info:doi/10.1371/journal...
But your question is specifically about computational power. Any area that requires modeling or methods that must be over-simplified in order to run on today's hardware are candidates for benefit from computational power. That seems to leave a lot of room: http://en.wikipedia.org/wiki/Modelling_biological_systems
But I will grant that development of new algorithms is also important. It's just that computational power itself assists in the discovery of new algorithms via the development of better research platforms.