Won't MorphOS and AROS (once the Kernal and other issues are resolved) pretty much the solution for this? Once MorphOS switches over to ARM or x64 I'd say the sky is the limit...
...considering that those G5's, though Apple's most powerful PPC offering, are also the ones with the most hardware faults and short life spans.
Likewise, if and or when AROS becomes a reletively bug free experience, I'd say that it, along with Magellan II are set to prepare furtile soil for all sorts of next gen Amiga development.
The idea of creating all new custom hardware sounds intriquing and fun and all, but then if you consider how many open source and or free to develop for handheld game systems have been coming out from China and what have you, and then consider how small the homebrew scene is for each of them, the likely hood of all new Amiga hardware getting much more support than they currently are is nill.
So again, I think in the long run the best we are going to get in regards to a new portable Amiga, would be MorphOS or Amithlon running on a laptop with a decent graphics and audio card. In the mean time we can all keep our fingers crossed for the FPGA offerings as they are the closest thing we are going to get to a real next gen Amiga any time soon.