Meridian use fully programmable processors. With all due respect, you probably do not know what features Meridian have implemented so would not know what features they lack. They certainly do not use stock Faroudja chips and algorithms and are constantly able to tweak their solution to give what they feel best.
Meridian is not using fully programmable processors. The only thing that is "programmable" are options to turn certain features on or off and making some adjustments in processing.
I asume you're talking about FPGAs when you say fully programmable. If that's what you're talking about then you have to look at the big Teranex. If you open one of those up and pull some boards, you'll see why fully programmable is not an option for Meridian yet. It requires a huge amount of processing power, since FPGAs are not very effective in comparison to ASICs.
What Meridian is using right now, are standard processors that were built by Faroudja. Just get your hands on one and check what's inside. And while you're at it, put it side by side to the usual suspects (Lumagen, DVDO, ...) and see how bad the Faroudja/Meridian performs. Don't forget to compare the 48Hz output...
Seriously, Meridian is far behind when it comes to video. I've talked to people at Meridian (engineering and sales) and asked about certain things ever since the first prototype VE12 board appeared. Back then, even engineering didn't know about certain features the hardware was capable of (it wasn't documented by the chip manufacturer for whatever reason). I've tried to point them in the right direction several times, but with no success.
I'll talk to Ron again in May and see what their plans are for the near future. But I honestly don't have high hopes for anything new.
If they're working on a new processor, that's good for them. I just hope they will implement all features that people want. With their currently available processors, they're stuck in a dead end.