A good question,
This board is presently not available with a Virtex 5 FX part (which has the IBM PowerPC(tm). That will be available soon, as the Virtex 5 FX family has not yet been announced for general ES shipments.
Until then, the LX and SX devices may be placed on this board, and you may use the MicroBlaze soft processor.
So, the question is: how powerful a processor is required? As Altera offers no hard embedded processor, and their NIOS2 is similar in performance to our MicroBlaze, the IBM PowerPC represents quite a step up in capability.
For example, full LINUX may be run by the PowerPC, but only LINUX-Lite may run on the soft processors. The reason for this is more advanced processors have the memory management which is required by LINUX for all of its features.
If you do not plan on running an operating system, or your operating system is very simple, then either soft processor solution is probably adequate.
If Altera had a competitive offering to the ML505 board, I am sure that they would have posted here by now.
All V5 devices have a PCIe core, and combined with the transcievers, a
1, 2, or 4 lane PCIe interface is provided by this development pcb (I think, but I would have to check to be sure -- the chip has the capability, I just would have to see if the 505 is the right pcb, as I haven't memorized all the numbers and features of the support platforms).
Austin