Regardless of what you want to call the likes of the Replay (emulation, re-implementation, lamp post...) I'd be surprised if anyone would disagree that it will be hell of a lot closer to the original hardware that we love than WinUAE, and that is pretty impressive as it is. Even if you consider emulation a dirty word, this will not be like any emulation you have experienced before. There won't be any controller lag or host OS getting in the way.
Yes, you may have the occasional game or demo that doesn't work exactly as it did on your aWhatever, but I expect this to be rare once it matures, possibly even less than we get with OCS, ECS, AGA if we build enough configs for the different custom chips. For some apps you'll never get 100% compatible on anything but the exact original hardware it was written for (without patching), but we'll just have to suck it up or fix it. We already have to do this with our original hardware variants so I don't see the big deal.