I don't get this recent trend towards fpgas. The only thing it has going for it is more accurate timing.
Well yes, but that's the single biggest issue that separates good emulation from bad emulation.
Personally, I'm pretty excited by the technology. These boards are now approaching the price point where I'm struggling to find a reason not to buy one to play with. The main advantage of FPGA technology is that it gives you genuine parallel processing instead of the crude simulation of parallel processing that software emulation achieves by brute-force alone. It's a much more elegant, and ultimately more effective, way to emulate old hardware.
That being said, I will agree that it's overkill for 99% of people. But many people on this forum are part of the 1%...
For most people, emulation of 8 and 16 bit platforms became more than "good enough" 15 years ago. But there will always be some people who want absolutely the best emulation experience possible. And frankly, if it's a choice between buying a new PC and upgrading to the latest version of MAME, or using an FPGA board, then at this point, I'd choose the latter.