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Absolutely nothing. It can always be emulated, if you need it.

You speak about needs, the question is about what you miss. It is about nostalgia, about time-travel...

Emulation is good for just running software. But it has nothing to do with old sofware running on an old blowing PC, with a CRT monitor - sometimes green or orange -, with a clicky and heavy keyboard...

It is a complete experience that emulation misses.

Try playing an original Star Wars arcade game or a Vectrex system; that's something you cannot really reproduce with an emulator at all.

Not if you want to apply it to the real world, e.g. softice for mac

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