Your perception is correct. We intend to sell it and keep the source closed.
Thanks for clearing that up. I think it will help bring expectations closer to reality. (Obviously, this being an Amiga forum, expectations will never actually meet reality.

)
The problem with the Replay is that it uses a smaller FPGA and therefore won't get the performance of the N68050 or the extension of it, the N68070. The CPU softcore used by the Replay MiniMig core hardly has any cache at all.
Natami is designed for efficient use of a medium-sized FPGA. It will have a bigger cache on the CPU core and the ability to combine opcodes such that certain combinations of two opcodes will execute in one clock cycle.
Stay tuned.
I wouldn't say that it is a "problem" with the Replay. It is just that the Replay's target is less than the Natami's target. I think the Replay will be a fine addition to the Amiga community. If the Natami were released today, it met it's target and it was price comparable to the Replay, then THAT would be a problem for the Replay. Just as the Replay is not a problem for the original MiniMig. The original MiniMig has had a good run, i suspect the Replay will also. At worst, it would need to change it's marketing message from being a MiniMig that can also run other cores to being a system for other cores that can also run a MiniMig core.
My point concerning the release of the Natami is that time marches on. There is active development going on with new Amiga compatible and enhanced hardware. Natami has a target that is beyond what is currently available. If it is another three or four years before it is released, it may not be as powerful as what is available at that time. I don't have information on when the Natami will hit the market. I only have a healthy skepticism built from dozens of vaporware projects, and a few too good to be true projects that have actually come to fruition.
Will Natami be on the vaporware side, or the too good to be true? Only time will tell. Until either it's target is surpassed or it is released, it is in the same category as the Kickstart Replacement bounty was 6 months ago.