Yes, this does actually work.. And work well.. I am using this to dual boot between EnergyROMs latest and Android on my 16gb microsd card..
Here is the link for the dual boot:
http://forum.xda-developers.com/showthread.php?t=623792
And here is the thread of the most recent working Android that I am using:
http://forum.ppcgeeks.com/showthread.php?t=109147
Still has some bugs but it has come a long way.. I think it is fantastic that they have gotten it to work this far.. It works great so far and they are working to get more things working..