ps1 emulation - one huge legal issue over the first "legal" emulator. Ps2 emulation - clearly illegal. I know people who have had injunction letters from sharing ps2 and ps1 images.
Just understand that the reason why emulating neogeo roms is not "illegal", is because no one claims, or can claim legitimately, to have lost profits from it. It is also what often stops commercial variants from succeeding: "people" "believe" that emulation software made by hobby-programmers in their spare time is such a superior product, that competing with it is futile, without also having the law flogging users who play these games without paying.
Whether you or I think, or believe that emulation should be legal - and even encouraged, because otherwise these games will be lost forever - is irrelevant.
Just understand that the reason why emulating neogeo roms is not "illegal", is because no one claims, or can claim legitimately, to have lost profits from it. It is also what often stops commercial variants from succeeding: "people" "believe" that emulation software made by hobby-programmers in their spare time is such a superior product, that competing with it is futile, without also having the law flogging users who play these games without paying.
Whether you or I think, or believe that emulation should be legal - and even encouraged, because otherwise these games will be lost forever - is irrelevant.