Not quite (this was discussed just yesterday). There's a framebuffer driver that works just fine. There's a binary GPU driver you can grab from the MeeGo archives which will run on current i686 distros. Graphics are about as well supported under linux (which is not to say "well") as this device is, which limits you to this "Puppy Linux" thing.

And of course for things that are not graphics, it's a PC, not a no-name ARM SoC. You can run RHEL or Ubuntu on it, plug in your favorite PCI card, etc...