This is a very interesting development. I noted that registered Mediator owners will receive notice of a special offer in January 2005. I'll reserve judgement until then.
Ostensibly, it resembles the specs for the SharkPPC with the exception of the IDE interface.
We shouldn't dismiss this based solely on the experience of the SharkPPC as they've produced some breakthrough hardware in the past like the Mediator, Power Tower and FastATA expansions.
In raw speed terms, at 410Mips it's 10x the performance of a 40Mhz 68040 CPU, however it's going to lose some performance due to patched / emulated routines. Elbox also state that " are ready to run most of the 68k Amiga programs/applications several times faster ", with the unspoken emphasis on "most".