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The hardware is fast.
Problem is, as everyone here already pointed out, the software support is lacking, especially the likes of Direct Draw. Any program that uses Direct Draw acceleration will respond poorly, for example TCPMP or CorePlayer (unless DD acceleration is turned off, in which case it runs just fine).
This, however, makes very little difference in the grand scheme of using a device, since the actual OS seems to respond pretty quickly- better than devices from yesteryear. The numbers may not report it, and games/video/multimedia might report it, but the general user experience will. The responsiveness of the system is better than most PDA's I've played with lately, and its fast enough that even the "problem" multimedia apps don't visibly suffer (130% is still 30% more than you need to play full motion video! Why do you care if its 130% or 180% if all you need is 100??? This is a very futile argument).
Eventually, as this chipset loses its "new and unexplored" status, more and more software will take advantage of it and push it beyond its current competitors... sort of the same way dual-core CPU's won't speed up your processing unless the app is written to take advantage of both cores (I actually upgraded to a dual core system for rendering video, only to find that the software didn't support both cores at the same time, and it ran slower than my single core CPU from 5 years prior!). Does this make a dual core CPU less powerful? No! Because you can still benefit from it in overall system responsiveness (how quickly apps open/close, switching between them, etc.), not to mention eventually software will catch up (I installed the next version of the video rendering software, which cut my render time in less than half!).
BOTTOM LINE: The mogul is fast. End of story.
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