Desire HD has 768mb, phones are rapidly getting more and more powerful. Apparently there is 1.5ghz snapdragon processor in the works which will be released some time in 2011, my rather rubbish laptop 2ghz 4gb ram and a terrible GPU can emulate the n64 and ps1 fullspeed and ps2 at about 75% even with windows vista so imagine what a phone with these kind os specs and lightweight os could do
Did that to my HD2. Got Sense and everything running on it. Works perfectly fine. They're even working on a Gingerbread port for it right now. Still, I find myself booting into WinMo every so often. Mainly for better battery life and some apps there. HD2 + NRGZ ROM + Android = Best freaking phone ever. WP7 and Win98 coming soon. Haven't tried out Ubuntu yet, but Android is good enough for me.