I
did some tests to see how fast an emulated Amiga can get nowadays, and the results were astounding. To say "as fast as lightning" is to give too much credit to lightning.
An emulated A600 with cycle-exact used only 20% CPU on a good gaming PC (3GHz Core 2 Duo). On maximum speed an emulated A1200 runs the Dhrystone benchmark 36 times faster than an A1200, and with JIT enabled 240 times faster. The Dhrystone result is equivalent to a Pentium III 500MHz - that's one fast Amiga. Once I enabled Picasso96, AIBB gave over 100 times better performance in LineTest.
Using Picasso96 I ran Workbench full screen in 1680x1050, in a 32-bit screenmode with a 24-bit background image. It's exceptionally fast, possibly even faster than Windows running natively. Workbench is so much more responsive than a real A1200 it's unreal.