I don't think the board you mention can be used for anyone who wants to implement audio and video algorithms inside an FPGA in a high level language. 200k gates is not even large enough to implement the MP3 codec, unless you are thinking about making a product and use the FPGA only for some general purpose IO and things like that.
We did some video compression and de-compression on V5 330, I am not sure if this could fit inside a 110 but for the price indicated, the digilent board is well worth a try.
Cheers,
/Farhad