Hell no to emulation other than playing games that have no console ports on MAME, games I don't own console or handheld, FM Towns Marty and X68000 games I'd never get any other way to play. Or to test the next Saturn or PS 1 game to buy.
Real console all the way, I collect games so that I can proudly own and play them when in the mood for a certain game. Wii has VC, that's emulation, but I'd rather it for NES, SNES or Genesis games that are pricey due to rarity or popularity, ala Super Fantasy Zone or U-Four-ia. It's also good for playing TG16/PCE games because I have no system, and good for the few PCE CD games that I own real copies of.