I use both emulation and real hardware. If I'm not at home it's emulation on either my netbook (Amiga Forever) or in my phone (uae4droid) but nothing beats using the real hardware. In the last year I've spent quite a bit (2 x A1200, 1 x A600, 1 x A500 plus loads of boxed games - then there is the ACA1231, CF HDD's and ADF transfer kit).
My son will play PES or FIFA on my PC, but get him playing Sensi on the Amiga and he loves it.
Emulation has it's place but for me the real hardware is more rewarding and it's getting used and not collecting dust.