Emulation has definitely come a long way. Though emulation is typically frowned upon, it does provide a way for some people to experience consoles they couldn't afford or purchase during their time. In my opinion, emulation isn't wrong if you at least purchase the game (Providing its a CD-Based game.) and the console is no longer supported or manufactured. (In other words, if it directly affects the company, it's probably wrong.) After all, who wants to buy a new-old console just to play one game? With games as expensive as they are, it seems wasteful to purchase these consoles, which can be expensive, for such a small amount of use.
With computers becoming faster and more powerful, mimicking home consoles is a much easier process. However, with the presence of 3D, you definitely need the advantage of being into PC games. For example, having a GeForce, ATi, or other form of Graphics Card is definitely a plus. In addition, you'll need all the RAM you can get; For higher-end consoles, such as Dreamcast or GameCube, 512+ MB of RAM is a must for some stable emulation. Actually, that reminds me - does Chankast have an FPS Limitation option? (To prevent the games from being run at unplayable speeds.)
Anyway, I'm boring, so, if you need somewhere to skip down to, look here. Good Dreamcast emulation is hard to find. Only a few emulators actually support commercial games, and people were starting to get bored waiting for a second chance to experience the Dreamcast. Fortunately, Chankast is the first real Dreamcast emulator, and, hopefully, the developer(s) will be able to finish this project. While I can't play it due to my GeForce 3, I still support this project - the Dreamcast is a great system and, once Chankast is finalized, everyone will see why.