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I already own a PS3 so the obvious answer is PS4. But if I didn't, PS3 would offer better value at that price. PS4 still has relatively few games not available on previous gen consoles.

TheWPCTraveler said:
I'd definitely buy $99 for $99! What a steal!

...I'd probably just go for the PS4 seeing that PS3 emulation is slowly starting to take off (rubs hands).

Unless I've missed something, actual PS3 emulation is probably never going to take off due to its exotic architecture. I'm assuming you mean streaming, but that's not emulation. Emulation is when you, well, emulate another system's functionality on another system. Streaming isn't emulation, it's just streaming.