Both one is an interesting project, but both project locked on amiga500 technology. The ultimate amiga project will be the following:
new motherboard with custom chips in an fpga.
Integrated sound,VGA,Lan,USB cards/ports
PPC CPU (Not surface mounted)
Fits in a standard atx case.
Os4 compatibility.
PCI/PCI express slots (or AGP at least)
I think Sam440 is the nearest project of this list, however sam440 has a lot of disadvantages too.