it looks like the agon light actually runs an ez80 which runs pretty fast and can address the whole 512k of ram without paging which does give you that sort of late-80s/early-90s headroom
The eZ80 is indeed quite fast, and the 24-bit space is a comfortable size for values as well as addressing - I've been working with it in Forth and haven't felt deeply constrained by that size(occasionally needing the double number operations, but nothing more than that). The graphics spec is a little bit below most 16-bits in terms of color depth, since it's VGA 2-bit per channel, but the screen resolutions also go quite high, so I expect a lot of 640x480x16 or 800x600x4 games.
Meanwhile, the ESP32 acts as an ultimate co-processor through the VDU protocol inherited from the BBC Micro. That's a part of the architecture that I really appreciate, because it positions software design around the serial I/O and how effectively you delegate your tasks to the VDU. Early reactions from people who are used to 8-bit coding were a bit perplexed because they couldn't push a lot of stuff down that pipe, but as the firmware has developed, the ability to define complex, shader-like programs has also built up. Nothing stops you from describing, e.g., a tilemap engine in terms of a program that stores map data, tiles, and sprite assets in VDU buffers, and then launches a program to do all the array processing needed to blit the tiles and display the sprites when given a camera position.
That's cool because it means that your graphics engine is decoupled from the CPU language. The same VDU sequences will work in Basic, assembly, Forth, C, etc.