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ARCADE EMULATION
The jack of all trades emulator. Currently over 1000 games emulated. However the Capcom CPS1, and System 16 games run better on dedicated emulators.
This perfectly emulates Capcom CPS1 (System 1) games. Games such as Street Fighter II, and Final Fight. However it lacks in a good TV-Out resolution and has a mouse only GUI.
This emulator is the best 16-bit Sega arcade emulator. As of 1/99 it only lacks in sound support for some games.
A good alternative to MAME. However it doesn't support nearly as many games, but has a great GUI that looks good on TV-OUT however some of its games don't.
 

CONSOLE EMULATION
Colecovision emulation at its best! I have no complaints with this emulator.
This was the first console emulator available. Has great game support and is one of the best DOS GameBoy emulators.
Nesticle is the best Nintendo emulator out. It has better TV-Out support than its brother, Callus, but not as good as its other brother, Genecyst. Too bad its GUI is mouse only.
Snes9x was based on 2 older Super Nintendo emulators that combined. It has also changed authors more than once. Its TV-Out is pretty good. Yet new versions are often released without the GUI until someone adds it in.
Zsnes is another Super Nintendo emulator that I like. It has a great GUI and great game support.
Also by the authors of Callus and Nesticle, Genecyst is a great Sega Genesis emulator. Its TV-Out looks pretty good as well. Too bad the GUI is mouse only.
Kgen98 is the competition of Genecyst. Its features are pretty close, but sounds different. Sometimes a game sounds better on Kgen98 and sometimes Genecyst.
Mastergear emulates both the Sega Master System and Sega Gamegear since they are based on almost identical hardware. No real complaints with its emulation.
Hu6280 is my favorite NEC Tubografx 16 emulator. It has good sound and compatability. However the GUI is very primitive and all options must be done at the command prompt. Also it has limited resolutions so TV-Out isn't that great.