No i am 100% sure that Akiko was provided a chunky graphics option in hardware which meant it was the closest to a 3d chip that commodore made and would have made 3d doom type games run faster as there did not have to be an chunky-planar graphics conversion in software by the CPU. I am 99.99% sure that Akiko was not alternative to fast ram as evidenced by the fact that the CD32 has 2 meg of chip ram and no more, the same as all AGA machines without akiko.
Yes of course the Akiko did do C2P conversion that was it's job. What alexh is trying to say is that if the 68EC020 in the CD32 had access to a little bit fast RAM it would have enough computing power to do ,what Akiko does in hardware, in software.
While I have a fealing that it still takes an 68030 to beat the Akiko with software C2P conversion the bottomline is still Akikos hardware acceleration was not that groundbreaking.