Hehe, sometimes the best things in life are superfluous.. :) I looked into it a little, you can buy an 11"x11"x3" book pc with built in TVout, sound, lan, modem, dvdplayer, wireless kb/mouse, game port, etc for $218... You'd need about $150-200 more for the HD, ram, and cpu.
What you'd end up with is a relatively portable machine that you could load every emulator on, attach two good controllers to it, and play pretty much any game system game on your tv.. Also, it would double as a dvd player, the unit even has a hardware dvd decoder onboard. As well, assuming the place your at has lan connectivity, it's a webtv as well... Although I can't really say I've always wished for a webtv :)
In any event, you'd have a box the size of a playstation2 that could play pretty much any 16bit and back game you could think of, as they'd all easily fit on a 20gig drive, which is already down to $100 and dropping... :)