This runs pretty smoothly on my HTC Mytouch 4G Silde. Which has 768 MB and a 1.2 Ghz dual core running a stock deodexed rom which is GB at stock frequencies. With the graphics settings on fantastic and the sky on dynamic I average around 30-40 FPS while moving and while standing still I average around 55 FPS (this is with the default view distance and such). There is an occasional slowdown and when saving it will slowdown for a second or 2, but overall very smooth. Also with every setting at it's highest (besides chunk loading) I average around 30-40 FPS in loaded chunks and when entering unloaded chunks it drops to around 20-30 FPS this is while moving around. Overall I like it so far! Good job guys!
Also I like how the different ores glow