This phone handles pretty well, a lot better than I expected. I threw the nesoid/gboid/snesoid/gensoid and n64oid all at it and it. I had the ps3 controller running over bluetooth and all the emulators are playable. There was a little stutter playing goldeneye on n64, but its still completely playable. It did NES mario, Genesis sonic and knuckles and mortal kombat great.
As far as games from the app store, the free angry birds stuttered pretty bad when they were trying to load their ads. The paid versions without the ads were fine. Osmos also runs well, but the phone gets a bit on the warm side.