The RPi is an ARMv6, while this (along with pretty much every other modern ARM device) is an ARMv7. The ARMv6 has hardfloat but implements a slightly different version of the spec. Most OSes have standardised on the ARMv7 version which means that their code won't run on the ARMv6. So Debian armhf will run on this but will not run on the RPi: you have to use Raspbian instead, which is a version of Debian specifically compiled for the ARMv6. (Of course, Debian armel will run on both, but then you don't get any hardware floating point support.)
The Broadcom GPU is significantly awesome. It is, however, almost totally undocumented. There's a reverse engineering project which has mostly nailed down the instruction set, and there are even some C compilers for it (one of them is mine!) even though there's no gcc or LLVM support for it. You can write programs in C and run them on the bare metal. Unfortunately the GPU doesn't support double-precision float and the MMU is kinda weird, and it's probably going to be slower than the ARM for non-DSP-heavy code anyway, so it's unlikely you'll see Linux for it any time soon. But it's a beautiful, beautiful architecture to write code for. (And it's dual core! Not very many people know that...)