Past iterations of Android ported to the HP Touchpad lacked basic features like Wi-Fi support. But a recent video released by the CyanogenMod team looks promising. In the video, you can see a ToucPad booting into Google's Android platform with fully-working WiFi, access to the Android Market and support for the acceleromteter.
The build looks almost complete, aside from bugs involving playing audio a bit too fast. Take a look: