It's hardware-based emulation via FPGA(s), which as I understand it is different from (and has the potential to be more accurate than) software-based emulation and is one of the reasons why it's more expensive. Not sure how record or live worthy it will ultimately be though.
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It's possible, by definition. Given enough processing power and analysis it's always possible to make an accurate model. I could be wrong, but I'd wager that there isn't anything magic in GB sound that makes it infeasible to accurately replicate with your average CPU.
This is a similar challenge to what e.g. Pianoteq does with physical modeling of pianos, and they do an amazing job, but GB sound is of course much simpler. You just need the right mindset to methodically and thoroughly analyze both the digital and analog behavior of the platform
