I've got it running on my Samsung Galaxy S2, and it works fine on that. Mind you, I don't have it running as a live wallpaper, just as a simulation app. I'll give it a go as a live wallpaper and see how that impacts on the performance.
I just upgraded my phone to a Samsung Galaxy S2 and it will not let me adjust any settings. Cant launch it at all. If I press live wallpaper it will show up but can't add any thing.