Today the MiST board (for Mini-ST as this is supposed to run a Atari ST core as well) booted into workbench for the first time:http://www.youtube.com/watch?v=EIWXjs1BBmU
The board is slightly less powerful than the fpga arcade, but significantly more powerful than the original minimig. It's also cheaper than the fpga arcade (all parts except the pcb are ~100 Euro when bought in single-device quantities).
The board is a simple two layer pcb and all parts can be soldered manually. I've finished three devices and it takes about an evening to assemble one, only tiny qfp, but no bga packages involved.
The board does not have any ps2 ports. Instead it has a usb host and a built-in 4 port hub. USB is mostly working and the major part missing is the communication link from USB into the minimig core. This is some work, but no major problem. Initially only hubs, mice and keyboards will be supported, later USB joysticks and gamepads. But there are no limits, mass storage is also possible as well as all other kinds of USB devices.
The Minimig core running there is a port of chaos' Minimig DE1 rev5. No major changes were required, the entire Minimig core is untouched and also major parts of the controller firmware run unmodified back on the arm.