Today, [sprite_tm] let us in on one of his pet projects. This is an inexpensive portable game platform runs about $50 and happens to use an ARM CPU and a 320x240 color LCD. Because it's so cheap, he's been working on reverse engineering the thing and there's already a proof of concept homebrew version of Pong out for it.
http://www.hackaday.com/2008/07/18/cheap-avr-color-lcd-platform/