From what I understand emulators themselves are legal, but the games? Not so much.

I can understand not downloading new games, but what about old games?

So what if I want to play a Sailor Moon game on the Super Nintendo? The only people currently making money off of those titles are the collectors who sell them on ebay. There's no harm in emulating games that are no longer sold.

Do you play emulators? To what extent? Should you be allowed to play copyrighted games if they're no longer sold by the company?