I run an emulator on my tablet, my phone and my netbook. There really isn't much wrong with it, to me.
I see zero reason to purchase something that I still own, but can not play on its original device because said device is 25 years old and no longer functions. Then there comes the cost. Price of a working Sega Genesis, plus Sega CD, plus original European release of NightTrap is pretty hefty, and that's assuming you can find them all, in working condition.
There are other games that I play, but that is a good example. Several of the games that I enjoy playing, aren't available on newer consoles, and of those that are, I see absolutely no point in spending the money on said console in order for me to then purchase (again) something that I have in my possession.
Maybe I'm odd, but I have in a box, 3 dozen Sega genesis games, plus 17 Sega CD games, 21 TGX16 games, 38 NES games, 24 or so SNES games, and 7 Sega Master system games.. (good luck trying to find a functioning master system) and, since I own these things, and like to enjoy playing them, especially when I'm bored, I do.
There are titles that I would download and "digitally pirate" the ROMs of, and have, because those are games I was/am interested in, that weren't released regionally to the US... and I am not willing to spend money on a console that I'll barely use in order to play those titles. Especially considering that I do most of my emulator playing in between classes at college.
How many of you, who are against emulation, would willingly take your console to school?