It doesn't change much legally to my knowledge, given that Sony v. Connectix was about a commercial, for-profit emulator (literally sold in stores) that directly competed with a console being commercialized at the same time (the PlayStation) and Sony lost in that case, with the 9th Circuit declaring it was fair competition and legal for Connectix to emulate PlayStation games.
Keep in mind that it's not about winning or losing in court. Most people don't have the money to fight. So they give up as soon as they get a letter from a lawyer.
