Perfect 68k compatibility on a ColdFire-machine won't happen, though question is if it's possible to make things compatible enough for a certain type of user. On the Atari platform, people are experimenting with running TOS and FreeMiNT on ColdFire evaluation boards.
Link:
http://pagesperso-orange.fr/didierm/ct60/ctpci.htmSo far, success is limited to booting a (very) simple OS installation with a few applications running. He's using CF68KLib to get things running to a certain degree. The MyAES GUI runs natively on the ColdFire (not shown on the page though). Even though this setup is extremely limited, I'd like to view it as a proof of concept.
A ColdFire-based system would have to deal with the following scenarios:
1. Applications which work right away
2. Applications which doesn't work, but can be recompiled or patched
3. Applications which can't be patched and won't work
4. Games and stuff
The first case (1) is covered just by implementing CF68KLib in the system. Performance range from really fast to so-so depending on the use of unimplemented instructions. The second (2) case is dealt with by recompiling applications, manually patching stuff, or using PortASM (to a certain degree, at least).
The third case (3) is covered by a fallback approach. If everything else fails - you emulate the whole CPU for that particular process. I've personally done some experiments with this based on the CPU-emulator from CaSTaway, and while the raw processing performance is pretty bad (~8-16Mhz 68000 on a 100Mhz 68060), all OS functions etc. runs natively at full speed, giving the impression of a much faster machine. In some cases it was even difficult to spot the difference in performance between a "native" and "emulated" process. Also, in practice, an emulated process doesn't steal much CPU time from the rest of the system, since applications tend to spend most of their time waiting for input etc (and thus releases control to the OS, effecitvely pausing the emulation).
The last case (4) needs complete emulation of the whole system. CaSTaway runs at between 50-200% relative performance (8Mhz Atari ST) on a 100Mhz 68060. It doesn't offer perfect compatibility (well, and atm it usually hangs the system after a while), but again - it's a proof of concept. I know the Amiga is much trickier to emulate though.
I've ordered a ColdFire EVB myself and hope to get some "real" numbers later on.
I imagine a ColdFire clone could be successful for a certain type of user (like me - using coding GCC, ICQ, IRC, simple browsing, listening to MP3:s etc.), but users looking for games and demo compatibility should probably look at emulators instead.