To read it go here:
http://widerscreen.fi/numerot/2014-1-2/chipmusic-fakebit-discourse-authenticity-chipscene/
And then go and do some Fakebit music!
I guess the new Nanoloop version for Android would be considered Fakebit with all of its fancy automation and you could also use this new free softsynth/VSTi for your DAW if you use one that recently got released for some Fakebit goodness.