[dreamcompiler]

"This makes the machine transparent in a way that microcode-based designs cannot be."

Every output bit m of microcode can be equivalently expressed as a logic function of n inputs where the microcode has n incoming address lines. This no less transparent than pure logic if you know the contents of the microcode. Microcode is often preferred because changing it is much easier than changing a bunch of gate logic. IMHO factoring your design into registers vs. control signals and putting the control signals into microcode makes the design more transparent than having a giant sea of gates.