Originally Posted by Daedalus
It has to be programmed to behave as a 68k CPU, so it's hardware emulation. There's no escaping that fact, and it doesn't make it inferior to a 68k, just different.
It is not emulation in any way. It is a real CPU - the only difference between an ASIC (like genuine 680x0 CPUs) and an FPGA is that the latter can be reconfigured while an ASIC has its internal connections fixed and thus cannot be reconfigured. Emulation would imply some kind of underlying CPU running an emulation and this is not the case. This is a quite important difference.