It should be noted that VHDL and Verilog are languages which are technology-independent, and are used to implement logic on a wide range of hardware, including ASICS (which by the definitions in this threads are "not emulations" of the "real" thing - because they're hardwared).
FPGA appears to be pretty similar to writing a computer program.
http://en.wikipedia.org/wiki/Verilog
http://en.wikipedia.org/wiki/VHDL
The VHDL language is used to describe the logic function of a circuit; it's not a sequencial program which emulates that circuit. The result is synthesized for the target technology - ASIC, FPGA, CPLD, PLD etc. If you're crazy enough you can even print a schematic of result of the synthesis and implement it yourself using 74-circuit.
This raises a question: If I do this. I design a circuit using the VHDL language, and implement the result of the synthesis using 74-circuits. Would this still be an emulation?
The major difference between an FPGA and a software emulator is you don't have to work round operating system limitations on an FPGA. However the FPGA is still an emulator.
FPGAs are inherently parallel and perform logic functions just like a (huge) bunch of 74-circuits would. A software emulator is inherently sequencial since it's executed by a CPU. FPGAs don't execute anything. You could have a software emulator running on a system without an operating system. This would still be extremely different from a hardware implementation on an FPGA.
All this is (very) clear to people who work with this stuff, or who has at *least* taken some rudimentary courses on this subject. There are good books about this too.
An FPGA emulates a circuit, because while the components are fixed, it's wiring is not, and therefore the circuit isn't fixed. It imitates a circuit's function by providing user definable wiring. Wires are part of a circuit, and these aren't fixed here.
By this definition, all programmable logic are emulations of "real" circuits.
There are many types of programmable logic circuits, all of which the function is described using the VHDL (or Verilog) language. Just because FPGAs use lookup tables similar to SRAMs instead of fuses or some reprogrammable incarnation of the same thing, doesn't mean it's an emulation of that circuit.