What does newer hardware have to do with a "better experience"? Also, there are already 6th generation's consoles' emulators (PS2, Gamecube etc) and also there is already a Wii emulator. So there are plenty of emulators for later consoles than the N64.
Making games work teaches you a lot about computers. First, it takes time, and people want to play, not want to get a game to work. Also, what does it teach you? The game either meets your requirements or not, you don't really learn much, aside from going to buy new parts. Mostly people let some of their friends do the deciding which part to buy anyway.
Also, wut? Rock Band for PC? Playing with a Dance Pad in front of a computer? Hah. And Wii remote? Can you really connect one with the PC?
Instruments? Like what?
Better visuals depends on the computer you have. Also, on a console, you buy the game, you play it. You never know how much a game lags, and smooth gameplay is far more important than better visuals.
Also, Diablo can be included in the "biggest back catalogue of games" point.