Sorry but the whole emulation thing, just doesn't do it for me, it never, ever captures the flavour of the original game on the original hardware, and I'm including MAME here, even if you have a MAME upright cabinet at home it still lacks the arcade surroundings, the knowledge that this game is costing money per play, that the stock of funds to play it are dwindling and so on, at home with infinite credits, not the same, difference the same as between a couple of cans at home or a night out.
The consoles are relatively cheap now, as are the games, in the main, where home machines are concerned you can pick them up with games for as little as a new next gen release.
The other thing to remember is, if you are a normal gamer, you will probably have a folder of every game ever made for the emulator you are using, and while this can seem ideal, it does, in fact, leave you with too much choice, and a whole lot of great games that will never get more than a few minutes play before you are on to the next one.
Same with piracy, you DL or buy a load of images to play on your chipped machine, only to find you don't play them at all. But thats a different discussion.
Buying actual hardware and the games you really want to play lets you concentrate on the game at hand, the experience therein and maybe even let you finish it without being distracted.
Of course there is always an exception, and where machines take simply ages to load, Speccy and C64 step forward, or need multiloading disks, see the Amiga and ST, I see no problem in sacrificing authenticity for the instant load from an image file.