Bitcoin mining with FPGAs

Recently, what looks to be the first open source FPGA bitcoin miner was released on GitHub. The code is based on the Terasic DE2-115 development board featuring the Altera Cyclone IV, however the author says the design should be applicable to any other FPGA. Maybe we should make it work on a Xilinx FPGA? Here is what they say about its performance:

Project is fully functional and allows mining of Bitcoins both in a Pool and Solo. It also supports Namecoins.

Current Performance: 109 MHash/s On a Terasic DE2-115 Development Board

Note: The included default configuration file, and source files, are built for 50 MHash/s performance (downclocked). This is meant to prevent damage to your valuable chip if you don’t provide an appropriate cooling solution.

For more information about bitcoins: http://bitcoin.org/

I wonder what performance we could get on the ML505/XUPV5? If anyone has done it, let us know. More importantly, I wonder if anyone is making money with this…