Genesi's new quad-core G5 (2 x 2.5Ghz dual-core G5 CPU's) OSW is being released as the Pegasos III, and there will be a trade-in program for Pegasos II owners (send back your old board and get a big discount). Pegasos II owners who trade their boards get the quad-core G5 for $799.
A post from Genesi on Morphzone mentions getting MorphOS running on the machine but I have no idea how much work (if any) has been going on in this regard.
Assuming MorphOS does find it's way onto the Pegasos III, it would still retain all the AmigaOS 3.x / WarpOS / PowerUP compatibility (and limited OS4.x compatibility through OS4Emu) that MorphOS currently has on the Pegasos II.
Just plugging a kickstart chip into the Pegasos board wouldn't help as there's no original Amiga chipset in there. You'd still have to run the AGA/OCS games through the MorphOS UAE port.