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I've already said my opinion on the matter and how much I disagree with SvennoJ (I'm singling you out because you seem to be making the most coherent arguments against emulation :) ) but would like to point out that emulation is not limited only to game consoles. For example VMware is used in a lot of IT companies in order to create multiple virtual machines on a single server. Completely official and legal. Could it be used in order to run pirate software? Absolutely! Does it have any safeguards in order to assure pirated software cannot be used? Not a single one! Why isn't there outrage against it?