A person named Simo Koivukoski, just put a video on Vimeo showing how well an Amiga 500 with the newest Vampire 500 v2 card is capable of playing FLAC files! This is quite a huge step and makes this machine from 1987 a machine that can be used again.
With the Vampire 500 v2 card, your Amiga 500, Amiga 2000 or even Amiga CDTV gets a totally new life. A CPU that is a very fast 68060 CPU (it is still FPGA, but the 68k part is running at an 68060 at more than 100MHz), 128GB RAM, HDMI out and a MicroSD reader even. You plug the card into the side of Amiga 500 and boosts its performance a lot.
See the Flac demonstration on Amiga 500 from Vimeo here