The effects of the accelerator on the power spectrum of the noise (
Baffling Pentax KP Read Noise: Photographic Science and Technology Forum: Digital Photography Review) and it's strong suppression of chromatic noise suggest the chip analyzing the neighborhoods around every pixel (probably over about a 5 pixel diameter) to statistically adjust "impossible" or "unlikely" RGB combinations seen in the RAW sensor data.
The color filters on the sensor are not perfect. Every wavelength of light induces some signal in the sensor in every measured color band. Thus a RAW RGB value of [0,0,20] from the sensor, for example, is impossible -- there's not enough red and green for the measured level of blue. The chip would probably assume that the red and green channels should have been a little higher and maybe the blue channel might be a little lower so that [0,0,20] becomes something like [1,2,17]. This kind of processing would not eat stars, would have little or no impact on most details.
The accelerator chip is almost certainly a hard-coded, specialized device, not a "fast" general purpose processor. The chip probably only does one task -- take the stream of RAW data from the main sensor and crank out an adjusted RAW signal that goes to the CPU. In fact, it probably does this task BEFORE the RAW data even goes into RAM (storing the RAW data, retrieving it from RAM, processing it, and storing the results would add time and slow down the camera). Instead, it looks like the digital data goes directly from the ADC into the chip, is processed in a stream, and comes out. The CPU and RAM get what they think is RAW sensor data.