Well, what I like compared to a Raspberry PI (I just received a Pi 2 BTW) is that the pysical medium is always better.
Nice box art, manual and the cartridge/CD.
Foor sure an emulator is more convenient, this system is in between. You keep your old media and you have less cables. On the other hand your old system waste far less power to run.
If I was not paying attention to the media then I'd go Raspberry PI only, doesn't use too much power and you save a lot of space on the shelves ^_^
Oh and it is dirt cheap!