Video Game Emulation Unlawful?

Video Game Emulation
Definition: Converting console games to a computer to be run in 'emulators' (programs that act like a specific game console for your computer).
Overview Of The Subject
There are arguments between hardcore gamers, uptight dumb people, and the government about whether or not video game emulation should be legal or illegal. Technically video game emulation is legal if you own a copy of the game already, some exceptions are made if the game is no longer made or if publisher no longer exists. The people that know (and care) what video game emulation is treat you like your a fricken Nigerian Scammer. When the people that care about other piracy crimes are too worried about illegal songs. Pretty much you are taking a video game (let's say The Legend Of Zelda for the N64), downloading an emulation software (such as project 64, an emulator that acts as an N64), and playing the game in the emulation software.
Whats Your view?
So now that I've gotten down to the overview of what video game emulation is, comment your views on the topic. We are all interested to here what you think!