Emulation is convenient, cheaper (everyone who admits using emulation is also admitting they're using roms/cd images/etc, which are free), and extremely easy to set up and use. I use it for some games here and there.
However, owning the games/consoles and owning a file on a computer are two entirely different things: owning the games/consoles are valuable, while owning a file isn't. I'm not talking about value in terms of money (though it does count), but value in terms of being a gamer and having the collection. There's zero satisfaction for me in using emulation compared to having my own collection of games. What closed-minded people like Keatah don't realize is that collections do, in fact, mean something to people. It's only junk if it means nothing to the person who owns it, and if that were the case, to hell with it. Otherwise, I'll enjoy having, building, and playing my collection, because doing so makes the gamer in me content.
The flaws in owning games/consoles as opposed to emulation, like the space it takes, video output, parts breaking down, electrical usage and whatnot? All a part of being a gamer. Emulation is "perfect"; games/consoles aren't, but I'm happy with the flaws. Can't understand why? You probably never will.
People mentioned that one of the big things is the experience of getting the games, putting them in the consoles, running them on a 20 year old TV, and all that. While there's joy in that for me as well, as I've already said, it's really the satisfaction being able to own the physical versions of these games or consoles that does it for me.