I also would not be impressed if all this amounted to was an Amiga in a Joystick. I would be happy if the parts would be cheap enough to make such a thing fall near that price point, but I'd rather pay a little extra for something with a 040, standard PC ports and the like. Something portable so I can do my MOD tracking on the road within my favorite OS.
It would really really be a shame if all this amounted to was a kid's toy.