The system isn't out yet, so I dunno if there's any sort of list, but they're using a different approach to achieving compatibility than typical clone systems. They're aiming for 100% compatibility and they'll be able to update firmware after release if an incompatibility is found.
Hardware emulation is not the same as Software emulation. Hardware emulation has more compatibility than software emulation. Though i have not heard of any compatibility issues with software emulation.
It depends on the sort of hardware emulation and how much computing power you have available for software emulation (and how much time has been put into the project). For instance, Wii U's hardware emulation of Wii games is 100% compatible while the current Wii software emulators are not, but a famiclone's hardware emulation (system on a chip) will be less compatible than modern NES software emulators.
I would expect both to work. SFA2 was actually the game they used when they first unveiled the system, so it's guaranteed. If SMRPG doesn't work at launch for some reason, it'll get patched in down the line (the benefit of upgradable firmware)
Yeah, I believe it's using a stock rockchip ARM7. Reliable, old chip, modern manufacturing process so it's tiny, runs ice cold and should almost never fail. As long as the ports are all good it should serve us for a long time.