I picked up a Touchpad in the sale and I agree that the WebOS interface is lovely. Easiest the nicest of any tablet OS I've tried (Android 3.2 & IOS). But it's just too damn laggy even when overclocked and hacked to bits.
What some of the early (disclaimers apply) Andoird-on-Touchpad benchmarks are showing is that the hardware is actually pretty good, significantly faster than the Tegra 2 tablets. If you put WebOS on the hardware you suggested it would run even slower.
The physical build quality of the Touchpad is poor, I grant you. Big, heavy and plastic. Worst of all worlds.