I use both emulation and the real deal. Although more emulation at the moment as i'm waiting for Amigakit to ship me a new PSU as my one's just about dead.
Emulation for me cures the itch when I'm on the move or away from home in some manner, but nothing beats firing the real thing up, hearing the genuine sound of a floppy drive and re learning how to type on the spongy keys
also, there currently doesn't seem to be a away to emulate a PPC Amiga... and to me, the emulation doesn't feel as fast as the real thing. I guess cos there isn't WarpUp and the ability to clock an 060 to 66/70 Mhz in the emulator like i can on my real miggy. even using JIT doesn't seem to come close