Ha. That's funny, I was going to post about the display a friend of mine had built using one of my spare RPIs, and you beat me to it!

It looks much nicer now that he's painted it black and tweaked the code. We had it at the Bristol Raspberry Pi Jam last month. He still needs to get the 2BPP grey level working, but claims it's only a matter of time...

It uses a modified kernel broadcasting the frame buffer data from the empeg over UDP, and a receiver program on one or more Pi units that takes the data in, reformats it appropriately, and drives the display.

Pca
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Experience is what you get just after it would have helped...