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even if we own the disc or not, that is how the term piracy was built upon. duplicating the disc illegally.

console emulation may or may not pursued by any business (Sony, MS or Nintendo), it is somewhat illegal. Imagine after a few weeks of a console launch, a group of people able to emulate it properly 100% working fine, then I'm sure the big three would pursue these culprits.

regarding if it is subpar or not, it is one personal opinion to begin with. I'm not a saint or so, i have all the current gen consoles, and played old games through emulation since I don't have the money back then and the games are hard to find nowadays.