It does seem it's not up to the quality of the other classic consoles, though as Eurogamer notes, it's a little more difficult to get PS1 right then Nes/Snes.
Anyway, as with the others I think these are only really collectors items, practically I have no use for them. If I wanted to emulate a game I'd do it on something I already own, or build a similar classic system with a Raspberry Pi.
It doesn't surprise me if this has been rushed out the door for the holiday season, at least it looks nice.
LTD: PS4 - 125m, Switch - 110m, XBO - 51m
2020: PS4 - 9m, Switch - 22.5m, XBO - 2.5m, PS5 - 4.5m, XBX - 2.8m