I was recently looking into emulating PS1 and PS2 games. The hardware required to run them in HD would cost about $700, fuck that noise. Not to mention I wouldn't know what the hell I'm doing.
PS2 is one of the worse systems for emulation, so don't go off that. Nes can be emulated on a 90 Mhz Pent 1 just fine. I was playing PS1 on a 500 Mhz Celeron for ages.
Now for me, don't get me wrong, I like consoles and carts, that's why I'm here. But when it comes to playability, they can't compete with emulators now a days, the people who complain about them just haven't tried good emulators, or never tried the different adapters for using console controllers' on pc (Something I'm not a huge fan of; heck, I use a genesis controller on my Atari).
Right now it looks like the RetroN is nothing more than a PC emulator that rather than using roms, makes you dump the cart every time you play, and has a clunky menu. And it really is an emulator, so I might as well use one with bells and whistles. A good setup like mine, I can press button combos (shoulder buttons plus analog sticks in my case) and perform functions as exiting the emulator, save\load states, or even rewind the game on emulators that support it. If I want to play a game upstairs, first I turn on my TV: (PICTURE FLOOD!)

and maybe I'll get distracted, watch a TV show:

then go play some Atari goodness:

then switch over to some Wii for new super Mario bros.

Then I go back to my office to do some work, and by work I mean:

(Sorry for the pic, not sure wtf my phone camera was doing)
And for the record, I'm not a fan of scan lines, I much rather run 4xhq than have "proper" low-res graphics with lines through them. That said, here's the basement game room right now:

CRT for the actual consoles, and plan on putting an LCD with dedicated emulator box next to it.