I apologize if I'm coming into this conversation rather late...
I read the whole thread and I noticed some comments that said that using the Parallella as a GPU is a vain effort because it won't reach the performance of current off-the-shelf GPUs. I'd like to point out that merely *having* the prospect of an open-source GPU is well worth it.
I don't mind if the output is somewhere in-between the PS2-XBOX360 range of GFLOP performance; simply having the option of being able to do it yourself is quite liberating!
I'm still waiting for the next available opportunity to purchase the Parallella, but the idea of using two of these boards (one for computation, and one for GPU processing/shading) linked together by an Ethernet cable already has me very excited! I just wanted to give kudos to whomever suggested it.