This is the line I would disagree with. What about an FPGA makes cycle accuracy and correctness easier than with an emulator written in software?
Make no mistake, Kevtris is immensely talented. But he also had the advantage of additional research going in (such as byuu's), and, well, I truly don't think the accuracy is comparable as of right now. The difference in effort required to get between 99% and 100% compatibility is immense, and the Super NT is clearly at 99% right now.