oh god, this again.
IMHO... emulation is great. Convinient for gaming in different environs (as you want to do), practical for performing mudane OS based tasks, and coupling it with PC-based storage and backing up... (great if you dont have a really high spec miggy with CD/DVD burner etc)
however..... performance wise... it isnt quite the same, but that's not to say its rubbish.
Frontier is great, becasue you can slap JIT on and play it super-smooth... but compare most games on winuae, to how they run on my a1200 030... and it's just not quite the same. Good enough, but not quite "right".... this coupled with the fact that audio apps like octamed are a bit rubbish on winuae (the midi lag is terrible for example) mean i would never get rid of my original hardware... in spite of the fact i tend to use emualtion a lot these days.... probably largely becasue of the PS2 pads i have on my PC.
it's easy to set up for emualtion... i would suggest you just try it and decide for yourself