I think it is good. We have a processor that stock is more than 125% faster, and 3D hardware to boot. The GP2X port was almost playable, and we should be able to use it as a base no problem.
I would like to hear from Zod or Tinnus on the current state though, as they are the ones who will be developing it.
You can go to Zodttd or Tinnus profile page and choose profile options -> find members posts to see if they already have a position.