Looks that way. The basic architecture is ARM, which is quite well-supported by GCC and binutils. I managed to find a Technical Reference Manual on Cypress' website, which seems to have plenty of information on the hardware peripherals: http://www.cypress.com/?docID=36586
This thing seems to occupy an interesting point in the hobbyist ecosystem. The processor is several times more expensive than other chips with similar raw processing power (like TI's Stellaris LaunchPad, which sells for $5) but the I/O peripherals are vastly more flexible. It looks like a fantastic device for prototyping and experimenting.