Hype, in the sense that it's anything more than a way to hit a higher level of performance at a smaller budget of dollars and/or watts. Which, is a fine goal. But you can have a gazillion more oscillators and way better resolution with a desktop-class processor. None of these new FPGA synths will sound better than Omnisphere - but they will sound way better than the previous generation of hardware synths.
There's kind of a backlash against laptops in music right now - ex: modular and the DAW-less trend - so tons of people want hardware, and plenty of them are yelling "FPGA! FPGA!" like it makes a qualitative difference. Seriously, people on synth message boards are like, "what would this sound like if we did it with FPGA?"
I admit that sometimes there is something intangibly great about using hardware versus a laptop - but it's mostly about the interface, not the sound engine.
Ah, the blockchain of digital music.
Oversampling is a standard technique for modeling analogue synthesizers, but you don’t need to go crazy with it, you don’t need to run your DACs at 24 MHz to see the benefit (you can run them at 48 kHz just fine, Novation’s marketing materials mentioning that DACs “often” have alisaing issues is just weaseling—aliasing issues not hard to solve), and nothing about the specs tells me that they would be pushing the performance of existing DSPs.
So no, FPGA is absolutely not necessary. Audio, even high-end virtual analogue synthesizers, don’t require a lot of computational power. It doesn’t matter whether you have an oversampled DAC at 24 MHz or a regular old 48 kHz DAC, if you send them the same signals you won’t be able to tell them apart.
Keep in mind you can oversample in the digital domain.
Edit: So I envision the ultra high rate sawtooth as essentially a n.m bit fixed point accumulator wrapping around by itself, with the n-bit (4? 8?) top part going over to the DAC as a kind of directly generated DXD format signal.
FPGAs are difficult to program, that’s a pretty steep cost to save you the trouble of downsampling your signal, something which is already pretty damn easy to do.
16x oversampling is fine, DSPs are fine. DXD is snake oil.