I wonder, what is Picasso96 V3 then ?
Originally started as a conversion to OS4/PPC but still available in 68K with a lot of changes, enhancements and some nice features added.
The CGX v P96 history is also interesting in terms of hardware support.
P96 did not offer BV/CVisionPPC support and no 3D, only CGX did it for a long time. CGX supports most cards, but never did a UAE driver. And P96 has got official BV/CV support only with OS4/PPC, alpha versions in 68k exist but do not work with all the cards (there were several variations of memory on them and other diffs), and only recently an openpci driver became openly available that finally allowed P96 to cover all? amiga card types.
Then we should also remember that a lot of system components were made by third parties and are require to bridge WB/OS3toRTG.
FPGA CPU in my opinion is a simulator, since it is not exactly a software layer for some hardware which defines emulation (do something on some different hardware using different software logical operations and get same results as original). FPGA is not exactly software, software is used to define the operation structure of the gates, which get organised in correct forms at boot time and will simulate behaviour of original hardware directly, there is no code translation then (as in emulation)
An FPGA CPU can also be consider as a backwards compatible reimplementation of original CPU if it does not offer any new features
(like AMD/Cyrix chips were for x86 in the last century) but speed wise they will be different since some operations can be quicker, some slower then original implementation. They are not perfect clones of the original.
Or consider it as a new generation CPU with advanced features that just happens to be code compatible to the old cpu.