I've always wondered what a more capable FPGA could do, but the Stratix II is a little too high end for my wallet. Plus its got a lot of capabilities that seem wasted on a 68K emulation project (like the DSPs).
If you REALLY wanted to get extreme, how about Stratix III L?
You can get preatty cheap Stratix I/II NIOS evaluation boards out of ebay.
I have 3 of them : one 1S40, one 2S60ES and one 2S60 ROHS. The last one I got only cost me around 40 bucks (regular price 6 years ago was $1000).
With a friend of mine, we did the cloning of the Atari Jaguar using this board.
Today, the Cyclone V must be as powerful as the Stratis II (ALM architecture with 6-input LUTs).
Price/performance wise, the Lattice ECP3 is not bad either. Plus, it has a DSP block with a dynamic ALU mode that can be very useful in CPU design.
Regards,
Frederic