Jotego just updated everyone that at the companys current pace, the CPS3 core is going to take another 15 months to trace all the custom chips. then the added time for circuit extraction, and then getting it to a point to start putting it together to test/demo.
this news was sad to hear, but i understand this arcade board has a bunch of custom chips that will take lots of time to trace and recreate in FPGA.
Jotego has had the bubble wrapped CPS3 board since 2021
and then everyone voted to start work on the arcade board for schematics tracing in late 2022
reading his patreon update for the current progress, 15 months for chip tracing is a long time. Jotego has advised this will be too much of an undertaking with his current staff of employees and resources, and has a couple suggestions. try out some sort of machine learning (autoCkt ?) to help with tracing schematics - https://github.com/ksettaluri6/AutoCkt, or to use what MAME has for the schematics and update the CPS3 core as the custom chips get traced.
im in the boat of lets get something "as good as" current software emulation (with the added benefit of no input lag, original refresh rate, and no sound latency) and use what MAME has, and then make updates with the real chips as they get traced