[GregBuchholz]

I'm not saying it is economically competitive. (It is possible pay over $25k for a really high end FPGA) And if you are just synthesizing a general purpose synchronous CPU you definitely not going to get a lot of bang-for-the-buck, because you are going against the grain of what an FPGA can provide. In that instance you're just vetting your design until you convert it over to a mask-programmable "equivalent", or do a full-custom design. The interesting things about an FPGA would be to use its inherent parallelism, fine grain programmability, and the reprogramability to run circles around something constrained by a von Neumann bottleneck in the cache hierarchy.

As to clock speeds, here's part of the abstract to a white paper that might interest you:

"A clock rate higher than 500 MHz can be supported on a mid-speed grade 7 series device with almost 100% of the logic slices, more than 90% of the DSP48 slices, and 70% of the block RAMs utilized. This requires the designer to follow some rather simple design rules that cover both algorithmic and implementation aspects. These rules are reviewed in the paper."

http://www.xilinx.com/support/documentation/white_papers/wp4...

...but clock speed isn't necessarily a super interesting factor if your data bus is 2048 bits wide, with a pipline 100 stages deep, comparing to say 64 bits wide and 10 stages deep on a CPU. Again, this is not to say that anyone should try implementing a Lisp machine on an FPGA to try to take market share away from Intel.