Original hardware is always going to be more fun to play on, but myself, I do prefer emulation.
The systems I play on PS2, Dreamcast, NES, etc. I actually own the consoles, and some of the games I have are "legal" backups... yeah, let's go with that.
The point is, I don’t always feel like getting the consoles out, fiddling with them to hook them up, playing them for a X amount of time, and then having to put them back into storage.
A lot of this hardware is over 30 years old. Take the NES, even though I’ve babied it for years keeping it clean, replacing the 72-pin connector... it still is finicky and doesn’t want to work most of the time.
For me, emulation is just the better option. That said, the Dreamcast stays hooked up to my 32-inch Sanyo CRT, and I play it every few days. However, I’ve had to replace the optical drive in that Dreamcast, which I bought new back in 1999, twice over the years.
And this one is starting to show its age.
So.. emulation for me.