One of my favourite purchases in recent memory is the MiSTer Multisystem 2 from Heber, which is an all-in-one console designed around the open-source MiSTer framework. If you're unfamiliar, this is a specification for hardware-based emulation of classic computers and games consoles, using a technology called FPGA. The advantage of FPGA is that it produces much more accurate results than typical software emulation, and thus it is a good substitute for original hardware, particularly if you're going to go the whole hog and use analogue CRT displays.
I think the most valuable thing about the way I've set mine up is that it is now effectively an interactive reference library of video games from the Atari 2600 right up until the PS1, N64 and Saturn. I invested in a large amount of external storage early on precisely so I could load it up with absolutely everything I might ever want (and quite a lot of things I will probably never want) and thus never have to worry about tracking down ROMs and disc/disk images ever again. (Until I discover a New Favourite Console, of course. Which has been known to happen.)
This is a useful resource both for my own curiosity and for my day job. We're working on something thoroughly interesting in the latter regard right now — no, you won't get any hints here — and an important part of that is ensuring that the project is accurate to the original version. Having the MiSTer Multisystem 2 up and running right next to me in my study means that, at a moment's notice, I can flip it on, check something and capture video for my colleagues to compare to. This is a good thing.
Having a storage device full to bursting with ROMs and disc/disk images, of course, runs the risk of the dreaded "analysis paralysis". But at the same time, if someone says something like "oh, I used to really like Enduro Racer on the Master System", I can pull that up and check it out immediately, knowing that the experience I'm having is authentic to the original hardware, and all without having to swap around cables, power adapters and controllers.
I have a lot of original hardware, which I like owning. But pretty much all of it is now primarily on display on the shelves rather than being used directly — because with very few exceptions, the MiSTer Multisystem 2 works just as well as the "real thing", with little in the way of compromise. And some improvements in some cases; it's absolutely no contest between a modern 8bitdo controller and the dreadful original Sega Master System joypad.
The one thing that is a compromise is the tactile nature of using original computers. Different computers had their own different case designs and keyboards, and thus a distinctive feel to using them. I have the 8bitdo mechanical C64-style keyboard as a suitably "retro" input device for computers, and it's great — but it does mean I miss out on little things like the distinctive shape of the Atari ST's function keys or the unique keys on certain systems' keyboards. (And documentation on exactly what these unique keys are mapped to on a modern keyboard is remarkably lacking, it has to be said!)
You also, of course, miss the fun tactile aspect of working with physical media. There's still something undeniably lovely about putting a cartridge in a slot or loading up a disk and listening to the whirr-snark of a floppy drive, and it will be a sad day when no-one remembers doing that. But with original hardware — particularly floppy disks — becoming more unreliable and prices for second-hand copies of retro games going through the absolute roof, at this point attempting to collect games for old computers and consoles feels like a complete waste of money.
Meanwhile, I have not regretted a single pound I have spent on my MiSTer setup. And, with any luck, given the lack of moving mechanical parts in it, it will last for a good long while, too.
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