There are actually two projects going on trying to achieve this: the clone-A project (presented at Breakpoint) and aimed for commercial purposes.
There is also the Minimig, developed by a (i think dutch) guy. There is a very long thread about it at
Amiga.org. This project is aimed for open source purposes.
The clone-A project was showcased at Cebit and every visitor was allowed to bring games for test. I think there was a 100 euro reward for every failed game. In the end, one did but they weren't sure if Clone-A was to blaim.
Both projects are extremely interesting and have huge possibilities imo.