Well I don't expect this to do anything like play video games or movies, I have seen videos of other devices doing this and the result is less than satisfactory. But I'm almost certain doing things like 3D modeling in a view port might be possible since there is not a lot of pixels being sent there where as a video game has tons of pixels being sent frame by frame.
Man using the Pandora touchscreen to affect a view port in a 3D modeling program over wifi would be win.