Emulation means to emulate -- to try to be as close to another entity as possible. MiniMig definitely places in that category. By this definition, however, just resynthesizing a chip core would count as making a new machine that emulates the previous version. People no longer make process masks by hand, like they did in the 80's. Read "On the Edge" if you want to know what it means to make real hardware. ;-)
Whether emulation is really an issue or not depends on how compatible you need the thing to be. Obviously, it will never perfectly emulate all of the undocumented/screwball features of OCS, so, as with WinUAE, MiniMig will never properly run ALL Amiga software in existence.
My interest in the Amiga is mostly with the OS and design philosophy, so I have no interest in owning a MiniMig, and I also have a hard time understanding why people would want it other than sheer novelty value. However, there's no denying that it's a wonderful piece of engineering.