Last I read was that some instructions were incompatible on the Coldfire that could not be trapped so the code basically has to be run under (JIT) emulation.
Back in the day I worked on one of the coldfire projects specifically on code compatibility issues.
The exact problem is that there are matching instructions which are completely legal on both coldfile and 68K... BUT they execute different functions. Since these codes are legal, there is no way to trap them in supervisor mode. The 68K code is accepted by the coldfire, but doesn't do what's expected by the OS. (crash)
To catch these few trouble codes (2 if I recall) some other method is needed. Pre-processor one possibility. In the end, any of the solutions greatly increased the complexity and cost of a coldfile Amiga card.
The Atari cold file was successful mainly because their OS didn't use these 2 matching op codes, so they didn't have to worry about them.
Plaz