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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[…] different audio models under their FPGAs (read: filling precious FPGA space), i think they're sticking with a single audio solution that, yes, presents output as transparent to the voltage level as it can (but without the quirks of the older systems' "less ideal" DAC stage).
FPGA bitstreams can be reloaded on the fly, and that makes perfect sense for a multiplatform emulator. They could also have a parameterized audio model. But anyway, I'm less concerned about what they did and more about how good theor results are and what results *I* could get :-)
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FWIW FPGA vs. software is an implementation detail; the only thing FPGAs have a serious leg up on is reducing latency, which doesn't matter for audio playback applications really. Otherwise it's just a pile of bits either way (just done very differently).
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