I would rather the modulator-demodulator than the Amiga_Reloaded motherboard - it doesn't even have a CPU on board - after reading it myself I see it as a missed opportunity - except from a sales point of view!
Seems a tad pointless considering other options out there - even a tip top refurbished stock A1200 would be less than half the stated price (in today's markets) - and you kinda get more, like a working computer!
To be fair the A1200_Reloaded specifications are still being developed, so I can only go from what is on the Wiki page.
Personally I think the Vampire V2 for the the A500 will blow all this out of the water - with impressively fast IDE, well over 100 MIPS of binary compatible M68k processing power - combined with a very fast RTG card and a proposed additional header for NIC connectivity.
Get hunting for A500 pluses now =)