Actually yes - if you install the latest 2D and 3D ppa poulsbo drivers for jaunty and use the xorg.conf in the last post on this page:

You can now get accelerated GL/compiz working on your GMA500 without regular lock ups!

Dunno about other distros - be good to hear if anyone has had any luck getting these drivers working with Debian, Arch, Gentoo or whatever.