> What game are they playing by announcing something they know that cannot happen ?

It's finally there, about a decade late:

"After several attempts by different teams over the years, Andy Broad was able to successfully bring back to life and update the original 7.1 code branch in 2014. The priority of the 7.2 release [...] was to validate stability and compatibility following the build platform change [...]. New features of Personal Paint 7.2 include: Source code updated to create dual native 68K and PowerPC (AmigaOS 4) builds [...]"
http://www.amigaforever.com/classic/ppaint/

Click the link for a list of further enhancements. The m68k build of 7.2 should work fine on MorphOS, I think.