Legal Status of Video Game Emulation

Emulators are Legal if they don't require an "dumped" BIOS file to run; It's Illegal to Share these BIOS files and those Copyrighted Rom files on the Internet. The BIOS file was Sony's Main Issue with the PlayStation and PlayStation 2 Emulators throughout History.

 BIOS files wasn't an Issue with Nintendo, as many Emulators didn't need them; so with Nintendo, they were mostly upset about people not using the Official Hardware. Even So, GBA consoles no longer Exist, and Nintendo No Longer sells the Games, if Nintendo doesn't wan't Emulation Then they should Offer all of their Old Games on their Virtual Console. Many People use Emulation, because their Favorite Old Game isn't Offered on the Virtual Console.

I have also seen an few "Legal" PlayStation Emulators, Firstly since PCSX-R (PSX), and PPSSPP (PSP) actually "Simulate" their BIOS files instead of needing Copyrighted files, they are Technically "Legal", as Long as you Play Games from the Physical Disc; either by using the PSX Game Disc in your PC's Disc Drive, or by Connecting your PSP to you PC via USB to be an "External UMD" Drive. But, no Matter what the Situation. You will always Find that People will Emulate Rom Files, Their is no stopping the Advancement of Technology.

 In my Opinion, since Nintendo is Against Emulation, they should Offer Every Game for their Previous Consoles on their Modern Virtual Consoles, either that or Shut Up and just Allow these Emulators, I mean why fight what's Fated to Happen? Even So, Eighth Generation Consoles Like Sony's PlayStation Vita, and Nintendo's 3DS/2DS are Technologically Advanced enough to Prevent their Software Being Emulated, at this Current Time.

I mean it may be ten or fifteen years before their's an Decent Nintendo 3DS Emulator. Mostly all of these Emulators are "Unstable", and are just able to Play "Homebrew Software". What They need to do is Crack Down on these "Fake Emulators" for the Newer Consoles, I mean Valid Console Emulators that "Actually" work are Good for Business in Some ways; I mean, if I could Emulate an Nintendo Wii U or even the 3DS I might be more inclined to Buy the actual Hardware; But, an Wii U Emulator is Non-Existant, and All "Current" Nintendo 3DS Emulators Are Fake and/or Contain Viruses!

Now, I actually own an Nintendo 3DS Handheld Console; I would only use an PC-Based Emulator to Test an Game Before I Buy it, You know so I don't just Waste $40 USD on a Game and Hate it; sure I can Trade in the Game at GameStop if I Hate it; But, I'll never get the Full Amount that I payed for it Back. This is called "Try before you Buy". And I find nothing wrong with this method Personally.

I recently found this on Nintendo's Corporate Legal Information page:
"It is Illegal to download and play a Nintendo ROM from the Internet." 

Even so, I stand by my Beliefs and Mostly use Emulators as an Try before you Buy system, To Play Old Games you can't buy anymore, and to Play "Fan-Made" Rom Hacks/Modifications.
I don't Now or Have I ever Condoned Video Game Piracy! But, yes There is both Pros and Cons to this Matter; So, as always You assume all Risks with using Video Game Emulation.

Estimated Time Before Emulation is Perfected for Newer Generation Consoles (In Years; from Now (2014)):

Xbox 360/ 5-10 years
PlayStation 3/ 5-10 years
PlayStation 4/ 10-15 years
PlayStation Vita/ 15-20 years
Nintendo 3DS/ 10-15 years
Nintendo Wii U/ 15-20 years
Xbox One/ 15-20 years

Note: these Figures are just my Approximate Estimate, and are meant only as an Guideline. (An Emulator can be Developed/Released at Anytime)
Note2: I Keep my Blog Updated with all Advances in Video Game Emulation. (So, always Frequent it)

External Reference Sites:
Nintendo Corporate - Legal Information