Smith-Waterman seems like it's begging for better algorithms on the CPU side as well. In my experience, these papers often involve disparate amounts of ingenuity and/or "risk tolerance" (i.e. do something that works pragmatically for the inputs you have) on the h/w vs the s/w side.
The analogous thing for regex would be, say, extract a literal factor that probably won't appear in the input and suppress the regex execution if that nice even occurs - but only do it on the h/w implementation. Voila, 1000x speedup - on the "nice" input at least.
It would be interesting to see what the expected limits are for fair comparisons in extremely hardware-acceleration friendly cases. I don't think GPUs, for example, run 15,000x faster than pure CPU based graphics rendering, but am not sure.