You can read all about ARM11 VFP on infocenter.arm.com. It's pretty much just a standard single-issue scalar floating point. It does have a cumbersome "vector" mode (hence its name) but it's not like SIMD, it just sequences operations. And it has been removed from newer ARM processors.
Without them there'd simply be no floating point.
The CPU is basically comparable to the original iPhone from way back in 2007. Only 2/3rds the clock speed, but at least there are two of them. Only who knows what Nintendo is running on one of the ARM cores, which originally was prohibited from running user code at all.