The user interface is as ugly as it can get, but what you see in this Youtube video is impressive:

The Nvidia HD AVP (High Definition Audio Video Processor) with NVIDIA® PureVideo® technology currently able to run both the embedded operating systems Android and Windows Mobile. And the developer board used in the video let the developer do dual-boots of the two embedded systems. The HD AVP platform lets users both capture and playback HD 720p movies on mobile devices mobile device (and can through a HDMI output present videos and slideshows on HDTVs). Video playbacks can for the first time be done with low CPU usage and power consumption on mobile devices.

For more information, please visit http://www.nvidia.com/page/handheld.html.