Can someone explain how this is going to be better than software emulation? I'm not sure what "synthesized versions of the original hardware" means? The only way I could imagine it being better is if it actually housed each of the CPUs used by the emulated systems.
From what I could gather from my cursory reading, ie without reading the actual specs, I think there's a slaved
FPGA being used. When you select a game console, the primary CPU selects and loads the FPGA with the hardware specification of the original console. I suppose if the FPGA is powerful enough, it could literally act like the original CPU + Hardware of the original console reconfiguring itself for every console you want to run.
I can see where the appeal for that comes in. You use the same FPGA to become either a 68XXXX, 6402, or a Z80 and the associated hardware and you essentially have your own console-on-a-chip. Even better, if there's an annoying bug in the FPGA programming, you can download updates and place them on the SD card to be used by the game system.
I wouldn't really go so far as to say it's exactly like the true hardware. It does mention that the microcontroller does (amongst others) decryption, software emulation and pre-processing. At first I thought this meant that it supported that bastard DRM (which it probably does), but now that I think about it, it probably works to offload some little used functions. Like decrypting ROMS the first time they're loaded (why waste FPGA space for that?) or emulating the hardware validation in some consoles.