Interesting question, atchoo.
For me, nostalgia does add to the overall gaming experience so, in some cases, I'll deliberately play a game on my Miggy (or other computer/console) even though the arcade version is better. California Games on the Lynx is a prime example of this. Oddly, I also prefer the Miggy version of R-Type to the arcade version....
Having said that, Hard Drivin' (for example) is better under MAME than any other 'home' version (in my opinion), so I'll generally only play that in MAME, except for those odd times when I want to smile at the Gameboy version
But like you mentioned, for true realism you need a cab - particularly for Hard Drivin', S.T.U.N Runner and Return Of The Jedi