AAA did exist, in silicon. At Devcon 93 in Orlando, Dave Haynie showed the crowd the "prototype" AAA motherboard (a picture of which showed up in one of the magazines... Commodore was NOT happy about that). He said, that in fact the first revision WAS done, but that someone had plugged one of the chips in the motherboard in reverse, and blown it... which was the only reason there wasn't a working prototype at the show.
I still have the Devcon notes which go into great detail about the chipset's capabilities. Among other things, it had built-in high density floppy support, CDROM support, support for a scanline-interleaving type of technology (with two video chips), you could put the pixel pipeline in "reverse" to digitize video signals, more video modes (no "true" 24-bit chunky modes IIRC, but a 24-bit semichunky mode (3 bitplanes, one with red, blue, and green data)), and other stuff I can't recall at this time.