Yes - according to this, you can install on 2.1 and see for yourself:
Froyo gallery on 2.1 - PPCGeeks
(follow from there to XDA)
See also -
Cooliris | Nexus One Media Gallery on Android - The official app
Other XDA threads say it's 24-bit.
YouTube - Nexus One - Camera and 3D Gallery
If anybody wants this style of photo gallery. Download the combination of flixie wall papers and 3D gallery (both found in the marketplace). It gives you an exact replica of the Stock Android Photo gallery. I prefer it over the sense gallery, it is rather boring if you ask me.
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