Summary:

Nintendo uses copyright law to persecute people but ignores itself the copyright law regarding fair use. So if it's ok for Nintendo to ignore one part of a law it should be at least morally fine if people do the exact same.

Yes because the logic of two wrongs make a right, is a good argument. Lets ignore one is actually against the law, and the other has yet to be proven in the court of law (Lets Play being Fair Use). 

This is not about legality or Let's plays for the matter. Nintendo is claiming revenue from people if their content is used in critique, which is by definition fair use, i.e. part of copyright law. It's about morals. Nintendo is obviously morally bankrupt when it ignores clear cases of fair use. So should we respect laws that are meant to protect them if they do not respect laws that protect other content creators?

It's quite philosophical.

Why are we listening to this dinosaur still? The ethical considerations are fairly simple actually when it comes to this:

Is it easy to acquire the original console/hardware and software, at a logical price for the consumer? YES/NO
Are the original developers still around? YES/NO
Does the software in question still get sold, digitally or physically? YES/NO
Are the original developers likely to receive any income from sales of said software in sale? YES/NO

If you answered NO to all (or at the very least, the last) of these, feel free to emulate. The law is often unreasonable, chaotic, or simply lacking merit.

Also, a bonus rule:

Do you own the original software/hardware? YES/NO

If you answered YES in the bonus question, feel free to emulate with no moral concerns.

If something is morally grey area, and you do not like it, don't buy the product, it is really that simple. I have nothing against Nintendo doesn't respect me as content creator, I will not buy them. However piracy is illegal, and in fact people do get caught and sued. Nintendo and Sony, among other companies have demonstrated their ability to actually successful bring them to court and win. 

Has he even commented on Bomberman R yet? For someone like him, being so focused on Konami, I'd have expected some sort of reaction to that game.

You obviously didn't watch the video. None of it was about actual pirating. It's about Nintendo's blatant disregard of the copyright law by ignoring fair use yet refering to the same law when it's pestering content creators for their fair use.

Claiming revenue from content creators that are using content under fair use is illegal as well. But try to sue Nintendo on it. The issue why this hasn't escalated yet is that youtube allows it. It allows companies like Nintendo to abuse the law without any repercussions.

It's not morally gray. It's morally wrong.

I think it is morally gray, namely since it is google platform and google has authority to enforce it, not Nintendo or the content creators. Again until prescendent is set with court case against nintendo, which they lose. I will not say morally wrong. Namely since I believe content creators are morally gray for uploading complete playthroughts of games, sometimes even without commentary. 

So what was the correct answer? We need to know!