Ok, do a search and you'll find this discussed by several people in depth in several old threads. The oldest ones probably aren't around anymore (1990ish?) but to summarize:
The Coldfire CPU is missing some 68K instructions, some are there but act differently than the 68K equivalent and the coldfires currently have some additional hardware built in that must be configured on startup so it doesn't conflict with existing Amiga hardware. It also wasn't as feasible on older Coldfire cores due to a few missing instructions.
There are ways around all the software problems, but to do this would require a new Amiga exec.library since it executes illegal (on the coldfire) instructions early in the startup code. It's so early that it crashes before it could even transfer to an expansion ROM (actually, it happens *while* it's checking for one).
FWIW, *IF* someone could get past the exec issue it would be the fastest 68K Amiga any of us are likely to see even with the illegal instruction traps. Oh yeah, the latest Amiga ROMs are FULL and the instruction traps require some space.
I also think a couple other devices might need to be native Coldfire code due to the close tie in with the exec. (timer.device?)
I actually gave a commented disassembly of the latest exec to a guy (he gave me the raw disassembly and I commented it) with a V2 Coldfire dev board over a year ago and he was going to port it but I don't know how far he got. Actually, I think it was 2 years ago that Freescale gave away the dev boards so it's been even longer than that.
If someone had access to the Amiga ROM sources this wouldn't be a bad project. Without that you have to reverse engineer things, fix them, etc...