Seriously, though, I often just have my older systems stashed, and pull them out when I feel like playing them. Right now, though, it's a complete madhouse at the CRT, with my NES, SNES, Genesis/SCD, and PS2 all hooked up. I should probably just stash the PS2 again, as it's not getting playtime at that TV... and I suspect my Genesis gaming's about to increase dramatically what with the Mega Everdrive I'm supposed to be getting Thursday.
Anyway, I've got my Saturn, GC, XBOX, and DC (and prior to that, also the 3DO, which needs its audio fixed) hooked to my computer monitor through a cheap TV Box 1440, and the recent-ish systems are hooked to my HDTV. It's... well, it is a lot. If you're space-constrained, I can see where you'd want to slim it all down. I'm not against emulating at all for pure convenience.
