Emulation, especially winuae is excellent these days. BUT, in my opinion it's just doesn't give the same feeling as doing it on old hardware.
I showed a friend who used to have miggy's, Jesus Christ Motocross the other week on my A4k. He was amazed! Had I done that via emulation on a PC, it wouldn't have had the same impact.
I value emulation but it will never replace any of my hardware.
