I'am quite interested in the FPGA Replay reading this thread since the beginning.
But looking at the Homepage I ask myself how fast is the SD-Card access. Is it only 500kBytes / second like (it seems to me) on the minimig?
It looks like SD-Card is only interfaced with SPI which would be quite slow.
for explanation see my post here:
http://www.minimig.net/viewtopic.php?f=9&t=452&start=10