I'm surprised that NEC would do away with the microcode, since there is a lot of microcode in the 8086. It would be interesting to see how much circuitry it took to replace the microcode.
https://en.wikipedia.org/wiki/NEC_V20
to say
"The NEC V33 is a super version of the V30 that separates address bus and data bus, and executes all instructions with wired logic instead of micro-codes, making it twice as fast as a V30 for the same clock frequency. V33 has the performance equivalent to Intel 80286. NEC V33 offers a method to expanding the memory address space to 16M bytes. It has two additional instructions BRKXA and RETXA to support extended addressing mode. The 8080 emulation mode was not supported."