Assuming they can actually get it to 150MHz, I expect it'll have trouble matching a PPC at the same clock speed never mind exceeding it.
If they don't get 150MHz this year, they probably will next as the speed of fpgas increase and the price drops. There are fpgas that are fast enough now but they cost a lot of money. The 68k did often outperform the early PPC processors. Even the 68040 outperformed the early PPC processors on the early MACs. Amiga users with 68060 and Shapeshifter or Fusion had the fastest MAC for about a year. Apple made the later MAC OS incompatible with the 68060 because of it. MAC OS 7 worked great with the 68060 and then MAC OS 8 didn't for some odd reason. An fpga N68k isn't going to wow people or steal x86 market share but it will probably be fast enough to impress Amiga users still using the classic and fast enough for general computer needs. That's enough for me. I'm not opposed to PPC Amigas. I would like to see 68k for the low end and laptops and PPC for the high end and desktops. The attitude of Hyperion has turned me off though. I prefer the openness of Natami and AROS (but don't care for the x86 focus of AROS).
Here's what an IBM engineer has to say about the 68060 and PPC...
"With 2 instructions per clock and excellent multiplication and branch performance, the 68060 performs very good. Depending on the workload the 68060 can even outperform similar clocked 60x/G2/G3 PowerPC CPU."
"Actually the 68060 is faster in multiplication than many PowerPC.
The PPC G2 (603) and G3 CPU need 5 cycles for a multiplication.
Which means a 100 Mhz 68060 achieves the same multiplication performance as an 250 Mhz G3."
http://www.natami.net/knowledge.php?b=4¬e=2418Let's look at some 68k code to see what is so great about the 68k. Let's take a simple 68k memory copy with size (longwords) in d0...
.loop:
move.l (a0)+,(a1)+
subq.l #1,d0
bcc.b .loop
Let's say we don't know the alignment of the data either. This copies 1 longword/cycle with data aligned and is 6 bytes. If data is unaligned this is still pretty good. Now write that on PPC with anywhere near the performance. Don't let the old outdated 68060 with tiny little cache and only 4 bytes of instruction fetch/cycle DESTROY. I'll even give you a few hints. You better align the data first or the performance is really bad. You will need twice as many instructions to duplicate what's above. You will need to use an unrolled loop (wasting more code) and preload the cache. If you do all that optimally, you are still likely slower than the 68060

. No wonder PPC needs all those GHz.