Hell, with the 120mhz coldfire it's possible. The iRiver H300 achieves a semblance of video playback. All I was saying is that Rockbox doesn't play video, and most of the devs would rather improve the *audio* features of their audio players, so it's not a project focus.
I was actually helping Mirak resolve some issues his patch on iPod for a little while, some time ago.