It's not fully binary compatible but pretty damn close. People working on the Firebee were able to make it run pretty smooth, there's some things you can do to trap the old instructions and rewrite. It's never going to work for games and the like, but games and the like from that era have all sorts of other video hardware specific dependencies that are even more difficult to satisfy.

It really is "spiritually" a 68k series processor, just with some cleaning up. I like it.