I summarize some recent results obtained in collaboration with P.~Bouwknegt and K.~Pilch on the spectrum of physical states in $\cW_3$ gravity coupled to $c=2$ matter. In particular, it is shown that the algebra of operators corresponding to physical states -- defined as a semi-infinite (or BRST) cohomology of the $\cW_3$ algebra -- carries the structure of a G-algebra. This G-algebra has a quotient which is isomorphic to the G-algebra of polyvector fields on the base affine space of $SL(3,\CC)$. Details have appeared elsewhere. To appear (with title change) in the proceedings of the ``H.S. Green and A. Hurst Festschrift: Confronting the Infinite'' Adelaide, March 1994.