I tried it yesterday with the newest Glowstone Version and it worked. It was a little bit slow but thats ok for the relatively old Raspberry PI Modell B.
sorry for answering such an old post but i tested Glowstone on an Raspberry PI Modell B Revision 2 and it worked fine.
It is not the best experience with this old version of the PI but it works. So on an PI3 it should work without any Problems.