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Technically speaking, emulation isn't piracy because you're running a virtual machine that is based on a real machine ... Using that virtual machine to play games you don't have a license to play is piracy though.

With that said, in many cases I think this software is old enough that it shouldn't be subject to copyright laws anymore. While new works based on the IP should be limited to who owns the associated trademark, after 15 or 25 years copyright should expire.