Yes, Motorola also left the 'classic' 68k track for the Coldfire way - they had their reasons.
Actually I miss the point of recreating a completely new (?) RISC core to have it run/emulate/whatever 68k code.
There are lots of low cost, high speed available CPUs (well, most of em x86), why not use on of them? While you're at it, add one of the off-the-shelf mobos that don't cost a fortune and are wickedly fast. Obviously you end up where Amithlon started - so I'd rather see a PCIe (or PCI if need be) board sporting an original AGA chipset or a nice vamped up Minimig/Natami/... chipset to get 100% compatibility. Most work (UAE) is already done.
The other option is porting the OS to x86 (AROS) and adding an emulation layer for compatibility (this will hopefully been done soon).
I really appreciate the effort of these guys, but I'm afraid they're running in the wrong direction...