Driving a common cathode 8x8 RGB LED Matrix with PWM
As long as you've got some transistors to drive the LEDs, then you can source your 16-bit PWM from a PSoC3. A single PSoC microcontroller should be able to give you 8x3 16-bit PWM channels. You'll then have to multiplex them.

The PSoC should even be able to handle the multiplexing in hardware, using DMA to stream the image data from memory, and deliver it to the PWM channels. This leaves the CPU to do other important tasks like generating the display data

The PSoC5 has an ARM Cortex M3 core. The good thing about the PSoC chips, though, is that they have re-configurable digital peripherals. This means you can choose to have loads of PWM, or loads of SPI, UARTS, or any combinations. You can wire up all of these peripherals internally, with gates, timers, flip flops, etc.



This means that you can probably make the hardware in the PSoC manage the screen without any intervention by the CPU, giving a good solid image.