I'd just tried it today, just because I dropped by Xda Developers and discovered their little RPi corner.
The Gingerbread build runs fairly slow with the mouse, but it is ok. I've yet to try out market etc (was behind a proxy and didn't fancy trying to work around it), but I got them installed by extracting the various APKs from the usual gapps files. For doing some specific stuff on android it is probably usable for a few things.
Basically, it needs the HW acceleration which is on the broadcom 4.0.3 version to be usable:
Unfortunately, the HW accelerated version appears to be MIA for some reason or other since it was mentioned in July. It's a massive shame (perhaps would have been better to have kept quiet about it), but like always I am sure there are very good reasons why. Fingers crossed there will be some news though.