I'd say UAE and AmigaKit have come a long way. True that audio was never quite right, but I think that's been over come with what I've seen and heard.
I have the extremes, very old A1000 and a A1200TPPC. So, with both of these machines, emulation just doesn't give me the kicks.
I have fun with A1000 for the hardware; have a CF drive going now, and I'm still working on my neobitz mod. I run WHLoad on there.
A1200PPC - OS4, PPC, hey no emulation for this.
Having said that, I would go complete emulation in a minute if I didn't have these two freaks around.
:-D