I would really like to see Emulation take off in a bigger way on Android. There are SCORES of titles available for PSX, N64 and Dreamcast.

PSX4Droid is certainly playable, but FPSECE for WinMo6+ shows us that with optimization games can run FLAWLESSLY on modern hardware (eg. N1 and above).
http://www.youtube.com/watch?v=GfGoa6jmTFk

Take a look at this Dreamcast emulator (nullDC) running on a Sony PSP.
http://www.youtube.com/watch?v=skUS7UI5OGU

Not bad, especially considering that the PSP is clocked at 333MHz (0.3GHz) and the relative weakness of the GPU. I would wager that a modern mobile could make this Dreamcast game quite playable. I would love to see a port for Android.