Does this runtime have access to the Standard APIs? It doesn't seem like the docs have any mention of Task Queue/Memcache/etc.
No. The real issue is that these APIs/platforms are closed source. Sooner or later you may need to move a service from appengine to a non-gae environment and you will find that nothing works. If you invest in tools/libs (i.e wrappers/ORM around the GAE APIs) the loss is even bigger.