For video, check out: http://wiki.duskglow.com/tiki-index.php?page=Open-Graphics I think It's been going on for a couple of years now.
As for FPGA's, a high end Virtex+ builtin Dual PPC cores gets you there pretty fast. Only problem is the price (for the chips and the software). Not sure how well a spartan-level fpga would work out as SOC or chipset. But the price is right (free software, relatively cheap chip).
Check out: http://www.fpga4fun.com
this is part of a bigger issue. I am thinking of starting a project called System Libre (a take on software libre) which would be open from the ground up. This is a response to many bad trends in our business, where the systems are gradually getting locked up (xbox, EFI, etc.) and we can't do much with them. So I like your idea.
ron
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