The PSM store runs surprisingly well on my Optimus V (even with a custom Gingerbread ROM ), after manually installing/permission setting the required apk/jar/xml (since the flashable .zip returns and error 0 for me in the recovery).
So I can purchase the games for later use, by tapping "Download". The game will then have a red shopping bag denoting it was lready purchased (just like on the PSN store).
Don't know about actual game playing though . I' not gonna bother trying since the V has a crap amount of storage, not to mention its lack of horsepower.
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