I think you're over playing the mask rom and state machine in the 68000 to build a straw man.
Yes. So was Iggy.
Obviously a 68000 isn't an emulator as it's the real thing and to emulate something you have to try to appear to be something else.
It appears to be a 68K outside, but inside it's all an interpreter running microcode on an entirely different machine. (-:
Yes, of course it is a bogus argument. In the end, what matters is the performance and consistence of the machine.
An FPGA programmed to appear to be a 68000, is an emulation. The vampire could also be programmed to emulate a c64 or pc if you put the effort in.
I wouldn't say so. It would be an emulation if it would run as code on a different type of CPU platform, which it does not. It runs on programmed gates in an FPGA. Same as the 68K: It does not run natively on silicon. It runs as microcode on a machine we do not know exactly.
It's really a strange kind of argument - where do you want to draw the line? What is "real" and what is "emulation?". Is the 68060 an emulation of the 68000 because the former does *not* implement the same microcode engine as the 68000?
I tell you what I think: It doesn't really matter. As long as the resulting chip is fast enough to execute my code, and consistent enough, I don't bother. "Consistent enough" means that it avoids one particular problem typical emulators have: Executing some parts of the target architecture blazingly fast, while crawling at other tasks.
That's why I don't like winuae (comparably slow and inconsistent at the chipset emulation).