FPGA for an overall more lag-free experience.
With FPGA, including #FPGAMister and also cart-reading devices like #Analogue's #SuperNt, #MegaSg and #AnaloguePocket, there is only the device hardware recreating the original hardware at a circuit level, and the game's ROM data.
With software emulation, however, there is foreign hardware, the ROM data, and - between them both - a software layer intercepting, interpreting and translating, all at the mercy of the underlying OS.