Wow, it looks great on my Droid 3! I don't think I'm getting any sound though, and trying to remap keys in the menu or pressing any hard keys other than arrows FCs the app. Too bad, as it looks like my phone is more than capable of handling a fully working version. I've even got hard keys, just not the right ones. It's painful to be so close but still so far from playing Cave Story on my phone. Thanks for keeping us up to date on stuff like this.
EDIT: sound works great! I forgot there's no sound in the opening scene, I had to let the start menu load first. No stutter or anything, if my keyboard worked in-game I'd be set.
SECOND EDIT: I was able to start a game and assign keys! The app crashes when I press most buttons, but it recognizes my arrow keys and the ok, shift, alt, voice, search, and at keys, so I'm all set. Won't let me remap them though, and now that I'm playing it does seem to be running at about half speed. Not that there's any lag, everything seems to just move more slowly, though the music plays full speed.
--posted from my phone