It works. I compiled MegaTunix last night on the standard Debian install (not the Raspbian that's still in development). For those that have been living in a box, the
Raspberry Pi is a $35 Linux computer, has a 700MHz ARMv6 CPU with 256mb ram. Probably the slowest Linux experience I've ever had, but for $35, what do you expect? Anyways.. MegaTunix compiles fine, both my Prolific and the MS3's FTDI USB-serial adapters work perfectly. I only have an MS3, so I wasn't able to actually use MegaTunix beyond the offline mode, but it works.

And no, you cannot run TunerStudio on this thing, TS needs Java, Oracle hasn't released a JVM for this CPU, and being an out of date CPU, I don't see why they ever will.
This combo should make for an awesome embedded dashboard. Get a small 7 or 8" LCD hooked to the Raspberry Pi, strip down MegaTunix so it's just a dashboard, and add MS3 support, and I could totally see replacing the dash in my car with this thing, probably for under $100.