That's a good point Chrissything. That the imagination did take over some of what was needed to get a good experience, and since then the imagination has been slowly killed with the details so you don't need it anymore.
Somewhat like books I'd reckon. You get a lot more from books than you do from movies (If you don't mind spending the time reading that is). And since the older systems did have less power it was impossible to make closed games.
But Emulation is good for bringing back those games when you don't have the old system any longer since the good games are hard to find and if you find then they're hard to make run on modern systems.