First: I like the Amiga, especially the well designed OS, and many of the features, and the desire to keep things lean and mean. Of course, the Amiga is currently 5 years out of date.
Tao, the makes of Elate, are going places. They have support from Sony and Motorola, amongst others. Their product will not be a flash-in-the-pan here today, gone tomorrow product. Their Java VM is the fastest on the market. Their VP (Virtual Processor) system is great - imagine the last part of a compiler being inside the OS program loader, and thus generating 100% machine optimised binaries, whatever CPU you are using, for all software. No more running 386 software on an Athlon. Of course, it is more advanced than that even, but if you are interested, you can find out more here.
The next generation Amiga IS NOT A GAMING API. Inaccuracies like that irritate me. It is a nice Operating Environment, whatever, like a normal OS. Sure, it will include Gaming APIs, who wouldn't? The OS is designed to be scalable, from a PDA level OS up to large servers - just leave out or add in components as necessary. The GUI will compete with the next generation GUIs - MacOS X et al, not the stupid out of date X or Windows interfaces. X is the biggest problem with Unix, it is slow, and the extensions in XFree86 4.0 do not make up for it. What use is a client-server windowing system developed in the mid 80's, when most people will be running single user machines which don't require a client-server model for the GUI, in the early 21st century? The new Amiga will have much greater game performance than Linux et al because of this.
Amiga has always been about user friendly, but with the power available to those that want it. Unix is about the power only, and MacOS is about the user friendly only, and Windows is a bad balance of the two. Ignoring the Amiga aspect of things - hey, the new machines are Amiga in name only, but developed in the spirit of the Amiga. This will be an OS that will run on an Alpha, x86, ARM, PPC, SH4, MIPs, etc. You will have the choice of what hardware you want now - if you dislike x86, then you can use PPC or Alpha. Imagine notebooks with <1W StrongARM or SH4 processors - who would need Transmeta then?
So, the current Amiga is dead. I view it like people view classic cars though, they aren't your modern Ford Mondeo (standard x86 PC's), they are classic MGs, or Aston Martins, or whatever (I don't know much about cars). They are underpowered, but they are stylish.