Arguing that a z80 implemented on an FPGA is an "emulated" z80 is as nonsensical as arguing that the Agon's new ez80 running in compatibility mode is an "emulated" z80.
> a cpu implemented on an fpga is somehow not real, It's more real than pure software, but it's still essentially pointless in most cases, because it serves neither the "I just want the experience" as efficiently as pure software, nor the "I want to run the original hardware" at all
The ez80 included with the Agon light was introduced to the market during the George W Bush presidency. That board is all surface-mount electronics with nothing upgradeable or easily repairable on it. It is cool and fun but it's not "the experience" or "the original hardware." (it is its own thing, and that's cool)
> not merely less efficiently
I'm not an EE but it seems to me the "efficiency" you're talking about here does not involve dollar cost, parts count, or electrical current, so that's interesting.