Correct, that's actually a pretty nifty piece of general-purpose hardware for the price. It's essentially an SDR (software-defined radio) for baseband, meaning it provides simultaneous sampling on three channels from DC to whatever a suitable Nyquist rate for VGA decoding would be. Several MHz at least.
The bitstream format isn't anything special. It's whatever Xilinx says it is for the Spartan 6. Any bitfile generated by ISE for the XC6SLX16 could be uploaded via the (generic) Cypress FX2LP chip.
This is all relatively old hardware, very well-documented and well-understood but still quite capable. It has a lot in common with the earlier-generation Ettus USRP receivers that used the FX2.
A lot more, actually. Manufacturer's specs for the ISL98002CRZ-170 [1] say it'll do 170 MSPS, with an analog bandwidth of 780 MHz. It's actually a rather impressive ADC! The question would be whether it can be convinced to sample continuously.
The bitstream format isn't anything special. It's whatever Xilinx says it is for the Spartan 6. Any bitfile generated by ISE for the XC6SLX16 could be uploaded via the (generic) Cypress FX2LP chip.
This is all relatively old hardware, very well-documented and well-understood but still quite capable. It has a lot in common with the earlier-generation Ettus USRP receivers that used the FX2.