It's very real now. I haven't been following MiST much, but my FPGA Arcade exceeds the performance of an Amiga 1200. I've just started really using it the past few days but love it so far.
This is the main problem with what's left of the Amiga market I think - too fragmented because everyone has different ideas of what an "Amiga" is and what they want out of it. Sad but true. 
I love my FPGA Arcade, but I could see why others want more performance if they are used to high-end classic systems. Hopefully performance will improve.
True, the market I enjoy is limited to retro/nostalgia, but honestly I don't believe the NG market has much of a future either.
Right, but for me there's my PC and other platforms for modern applications.
Perhaps I would understand the attraction better if I spent more time with MorphOS/OS4.x/AROS, but my free time is limited and nothing jumps out to attract me to those platforms...
I do not use Amiga for modern web browsing, all options like Apollo lack RAM. Even if, it would need tremendous work to port something like OWB on it (deadwood has said he would need 6 months for it, I would need 6 years then propably

. So be it. I can live with it.