Those folks at Gizmodo have all the fun.
Right now they’re in Barcelona going ga-ga over the working demos of a variety of Android prototypes.
They had this to say about ARM’s offering:
ARM had theirs running on one of their lower-end processors. No fancy graphics demos, no iPhone-style multimedia fizzbang, just a humble ARM9 processor in a plain white prototype "to demonstrate the scalability of Android" and serve as a "development platform."
As for a prototype from Qualcomm, they called it a “real beast,” showing off better speed and wireless connectivity, but still a long way off from anything we’re likely to see in any upcoming handset.