Some parts of Android graphics are GPU accelerated, and the vast majority of Android devices accelerate video decoding (though codec support does vary, and up till now doesn't generally include VP8, though the TI OMAP hardware at least can be updated to support it).

FUD. All the Tegra 2 stuff at CES was hardware accelerated and the Motorola Atrix even played video @1080p over the hdmi port

It's valid when it ships.

The Atrix runs Android 2.2 (Froyo) which shipped last May. I was just talking about CES because we've been bombarded the past week