Tired: "Do you prefer FPGA or Emulation?" Wired: Realizing that FPGA implementations of systems run the gamut from gate-level re-creations to purely eyeballed simulations. And, wahey, so do emulators. There is no practical difference. Stop it.
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Without emulation is FPGA even possible?
Sure! You can study the schematics for a system, and assuming it uses entirely COTS parts, a flawless implementation on an FPGA is perfectly doable. But then again, so too would a flawless implementation of a software emulator be doable. That's the whole thing.
