So it's not perfect but it's better than emulators...
If you take the SNES core, my software emulator has 100% compatibility and no known bugs, and synchronizes all components at the raw clock cycle level. It also mitigates most of the latency concern through a technique known as run-ahead. But it does require more power to do this.
But people keep presuming an improved accuracy that there's no basis for.
The caveat is that it doesn't always work, and it makes the power requirements even more unbalanced. Some might also see it as a form of cheating to go below the original game's latency. If you want to match the original game's latency precisely, FPGAs are the way to go right now for sure.