Emulation is awesome, and I've never got why anyone would see a problem with it. as long as the games are not being sold anymore you are not stealing from anyone, as no one is making any money from it anyway.
I still have all of my old consoles but I'm sure some of them don't work anymore and I know for certain that my 32X was always very finicky because of those weird metal rods you have to lock it in with.
A few years ago I took my Dreamcast out and after a few hours the laser just stopped working or something. my parents forced me to shove all of my old stuff in sheds to get covered in rain and rat urine and it's not like they sell any of that anymore (the consoles, I'm sure that some freak is selling rat piss somewhere on the Internet) and the Dreamcast has been out of service since like 2006 (even though there is still a games market for it in Japan). fortunately I have a backup so I got lucky, but not everyone is in a position. so how do they play their old games that they paid so much money for in the first place? If you have given all other alternative you cannot complain when somebody emulates your Product, you don't really have any right to anyone when they paid for it legally in the first place as most emulator fans did.
As a sidenote, I was pretty peeved off when I found out that Dreamcasts work on PC monitors as well as regular televisions because I could've had one in my room for years. When my parents moved my room around they took my television and I've been trying to convince them for years to let me have my consoles downstairs. I was even more peeved off to find out that light gun games do not work on flatscreen televisions, meaning that True light gun games regardless of bullshit laws based around them, are essentially dead. an era has ended. BRING BACK CRT!