Emulators are perfectly legal to own. As are ROM's and ISO's as long as you own the actual game. Even if you don't own it you can still download it as long as you delete it within 24 hours. But honestly nobody really cares if you download them. These games aren't particularly new and most of them aren't even being sold anymore
hoguan : Because certain crazy people in the US government and multimedia companies have it in their heads that if it allows you to do something that might be considered to be illegal (like play roms) then the device that lets you do so isnt legal either.
Mind you, to them I say "dont drive your car, cars can be used to do illegal things, therefore cars should be illegal"
To answer the question, emulators are legal, all they are are homebrew software that happen to emulate processes of certain game consoles.
Emulators themselves are legal, and even if they weren't I don't think anything would change, as I beleive ROMs are illegal, but you don't see videogamers all over the world getting arrested for playing an old mario game or anything, so there is no problems nor any consequences for using emulators.
Best Keep your concience as clean as you can, or charma will come with a blade in it's hand. It will strike all those who seek to gain without giving, and spare all of those who are weak and forgiving.
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