Coincidentally the specs of the Wiz are basically equal to the baseline specs of Android handsets. I.e. 500 or so mhz ARM CPU, OpenGL 1.1, 64mb ram (of which only 20 or so are available), no swap, etc.
To tell the truth this was actually the reason why I bought the Wiz in first place. Getting Dalvik (Android's Java VM) together with GLES 1.1 up and running on the Wiz looks surprisingly doable. The performance should be comparable to a highly optimized low level emulator which also utilizes OpenGL acceleration. So, 2D stuff should work pretty great and simple 3D games should also work.
So far I only got a rough idea how everything fits together tho. Some of the details look a bit troublesome, but maybe they won't be that much of an issue - can't really tell for sure yet.