no, not at its current state, some heavy code reforge need to be done to make it runs on MIDP 2.0
with this kvm (once MIDP will be implemented) you should be able to run MIDlets on your GP32
and you should be able to DEVELOP MIDlets for GP32... no more C/C++ compiler/linker/asm. it's plain Java, fully debugable with a good emulator to let you develop first on your PC.
ofcourse there is always the same old 'Java performance' problem... well actually, i have no ideas of my kvm performances...
i shall see this with Torlus later