What price point are we talking about here?
Throw down a single DDR3 Memory chip, and you've already eaten up like half the $25 hardware budget.
http://www.digikey.com/product-detail/en/micron-technology-i...
The "embedded" solution is: buy embedded on-board SRAM when you need it, and if necessary, buy an embedded on-board SRAM memory controller if you need it. Building your own memory-controller out of an FPGA sounds like hell to layout.
Anyway, if we're talking about cheap stuff, DDR3L isn't the technology of note. This is about simpler SDRAM-level stuff, maybe a few MB at a time is sufficient.
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Furthermore: How many LUTs will your memory controller take up?
http://www.latticesemi.com/en/Products/DesignSoftwareAndIP/I...
According to this, Lattice's DDR3L 16-bit memory controller is 2500 LUTs. The $25 FPGA only has 6300-LUTs, so you've already used up 40% of the chip on just memory-interfacing!
Yeah, you can accomplish a lot with a $600 FPGA with a Million-bajillion-LUTs and embedded cores. But at the $25 price point, FPGAs often run out of room. You don't have many LUTs to work with.
Dollar-for-dollar, a microcontroller will outperform an FPGA in most tasks. That's just the facts. ASIC-implemented memory-controllers and ASIC-implemented large banks of internal SRAM just work better for computer-like tasks.
FPGAs should be used for custom logic that isn't typically handled by a microcontroller / microprocessor. Not memory-controllers and ALUs that already exist in an easily packaged form. There's a reason why high-level FPGAs have embedded ARM cores and embedded memory-controllers in them (alas: such technology is likely out of the reach of cheap $25 FPGAs)