$189... it has an Arm processor, so it's basically the same internal hardware as a low-end Pocket PC.
There is some talk over at the gp32x.com forums that a new revision is in the works, which fixes the poor joystick, among other improvements...
gp32x.com
BTW - The GP2x will emulate anything someone writes an emulator for. There's also quite a bit of original software being written for it...