GPS functionality won't work with a 7100. A lot of applications will specify if they are to be used for a BlackBerry, along with model compatibility. If you are speaking about midlets, then its just a hit-and-miss situation where you'll have to test them out yourself.
As for hyperterminal, I'm sure there is a terminal midlet that would work on the BlackBerry, however you'll be battling with finding a converter for mini-USB to 9 or 25 pin serial/comm. And lets not even mention that if you did find a conversion cable, you won't be able to bypass RIM's hardware security to even get the cable to work