I've been confused by this as well. "ready" is not a signal in Avalon, but waitrequest is and it's normally active high, though you can use it as active low according to the spec, though I haven't seen any IP use it in this way (probably only used when someone creates a custom component/IP).
So if the EMIF IP user guide calls the signal "ready" and it's called that in the code but then the comment in the code says the signal is "waitrequest_n" implying the bus is paused when this signal is low, they kind of jive with each other, though it is still confusing.
So the signal coded as "ready" means that when it's high, "waitrequest_n" is high so the bus is active and not paused. When "ready" is low, "waitrequest_n" is low and since it is active low, the bus is paused.
Very odd.