"and as for GBA emulation, it will NEVER happen with decent speed or compatibility.
The GBA uses it's own video and sound hardware, something which the GP32 lacks. And to emulate both of these chips it would require more than a 133mhz cpu to do it."
actually the gba doesn't have any sound hardware at all (other than the dac and the gbc-chip).
the gfx hardware isn't much more advanced than the snes counterpart.
the cpu is a problem however, since its a 16mhz cpu (and not 14 as someone said). if they have problem emulating the snes which runs at 3.something mhz, then 16 mhz will be alot more difficult. far from impossible though.
the big problem is the lack of memory. there are alot of 4mb gba roms, but there are alot more 8, 16 and 32mb roms.