Hi,
I came across this project via the raspberry pi community.
Given that he got it running on a pi, I would think that a parallella would have no problem keeping up - and adding some additional number crunching on top.
In a related vein this project is a quick write-up of a Synthetic Aperture Radar project from MIT Open Courseware ().
Enough there to get the imagination flowing... I can't wait to get my hands on a parallella.
nick