Even still this is pretty depressing situation, simply because it might scare off people from contributing to or creating their own emulators. If they don't want to face the wrath of Nintendo/Sony/Microsoft/Apple/Google, then they might decide to pass and the emulation world will suffer for it. For that matter, I think there's a non-zero chance the Sony and Microsoft see this as their opportunity to start sicking their lawyers on emulator developers. And if we're really unlucky, one of them might be successful in getting console emulation banned.
I mean, as it stands, it seems like every large company is working extremely hard to ensure that you don't own your media, and instead are just renting it until they feel that they would be better off taking it away. Emulation is one of the few ways to take back control of the media. I can play Wii and Gamecube games on pretty much any platform, without much headache, because Dolphin runs on basically anything. I can backup my games and as of right now, there's really nothing Nintendo can do about it, and it seems like that fact drives entertainment companies crazy.