A common sentiment found among retro-computing enthusiasts is that there's nothing quite like the real thing. It's understandable, computers and game consoles (i.e., computers disguised as toys and appliances) are physical items and our happy nostalgic memories are complimented by recollections of touch and heft: the feedback of button clicks, shunting cartridges into slots, and so on. However, there's a particular aficionado - we've all met him, he's a member of every fan group and forum - whose affection for real hardware gives way to an unpleasant snobbery. A "true fan" would never emulate, he says, implying that a gaming community is only a place for those with disposable income, space, and a nihilistic acceptance that the platform will die with the original hardware.
I'm certainly not arguing against the value of hardware and experiences which come with it, we're all in agreement of its importance, but I do insist that emulation is also a first class citizen without which a platform has no future.
Ashes to hardware ashes
Take the Atari Jaguar; fewer than 250,000 are known to have been produced, with even fewer numbers of accessories such as CD-ROM drives. Of that number a great deal will have been owned by people with no interest in preservation. Many Jaguars have likely been dumped in the trash along with an avalanche of VCRs. Of the survivors many will suffer electrical faults due to old-age (the dreaded open-circuit capacitor problem). Many more will simply be damaged in accidents.
This is already a serious problem for CD-ROM units which were produced in much smaller numbers than the console itself and are notoriously failure prone - although, arguably, no more so than other CD-ROM drives from the time.
Taking the long view there will be a time when, for most people, original hardware will no longer be a viable way to access the content produced for the platform!
This is perhaps the strongest argument in favour of emulation. New content is vital for a platform and emulation is key to lowering the barrier in producing new content. In the late 70s it took highly skilled programmers with excellent design sense (a very select cross-section of personality) months to produce new games for the Atari 2600 using mainframe computers costing thousands of dollars. Today, a cheap PC with the Stella emulator, which includes an excellent debugger and the ability to step through program execution and inspect the emulated Atari's emulated state. Imagine what those original Atari and Activision programmers could have achieved in an afternoon with such capabilities! Imagine what today's programmers, of all kinds of skill levels, can achieve!
A more thoughtful perspective
I highly recommend that anybody with an interest in retro-gaming listen to Frank Cifaldi's GDC talk on the subject of emulation. It's witty, thought-provoking and quite brilliant. There's a lot to unpack, but in under an hour he touches on numerous relevant subjects such as preservation, the ethics of piracy, and how emulation can be leveraged in the most positive (and commercial!) ways: