...how segment registers allow a 16-bit IP register to address 1MB. Brilliant stuff.
Hell no, horrible stuff. Segmented memory addressing is evil.
Anywho, it got me thinking about the limits on how much RAM the 68020 processor in my Amiga 1200 can address. Does the 68000 series of processors address memory in the same way as their intel counter-parts
No. x86 has direct and segmented memory adddressing. m68k has only direct memory addressing. 680EC020 can address upto 16MB memory (24-bit addressing).
is it possible to replace the CPU in an Amiga 1200 to one which can address more than 8MB?
Yes. Add a CPUcard with 68020, 68030, 68040 or 68060 and you get 32-bit addressing.