There's more from the creator at http://www.eetimes.com/author.asp?section_id=216&doc_id=1328... including this nice tidbit:
The result is the MCL86, which is basically a 7-instruction, 32-bit micro-sequencer. Some of the micro-sequencer's instructions are specialized so as to allow it to rapidly decode instructions as well as nest function calls. With these seven instructions, I was able to microcode all of the 8086 opcodes in a relatively small number of micro-sequencer clocks.
A video of this running 8088mph would be awesome, they already have a number of videos of this running other stuff on a PC: https://www.youtube.com/channel/UC9B3TaEUon-araO2j7tp9jg EDIT: There is a video of it runnin 8088 mph that polpo linked!