I once made a 3-way active FIR crossover using Cyclone II (a small chip, EP2C8) just for fun using VHDL, I was pretty surprised that was actually much easier than I initially thought. Perhaps the most difficult part was to create a serial audio receiver/transmitter, the filter calculation itself was pretty simple.
A FPGA is nice in sense that all happens in parallel and structures in HDL support data flow processing nicely so unless you run out of LEs or multipliers, one can always add more functions without speed penalty.
Regards,
Janne