Jeez, let them have their fun.. This sort of hacky nonsense is something the mac community should be about!
I know a lot of people who'd play with this just because they could. I mean, it'd be a bit like having DOS-Box, which would make a lot of excellent abandonware classic titles *free* for the iphone.. Loads of excellent free games!
I'm not exactly sure how you'd control most of them (on screen keyboard?) but that's not the point.. Where did everyone's imagination go..?!
I can't think of a super good reason for it, but it would be pretty cool/funny.. Just like installing Linux on a PS3.. No good reason but it's interesting and fun to do.. Not that Apple will allow it, probably. :/
And dont anyone dare use the "waste of time" argument whilst posting on a rumor board. >.< If someone wants to spend their time doing something you wouldn't personally have done, good for them. It's harmless.
Also.. If someone was saying they'd port an Apple-II or Classic/OS9 emulator to it people would be popping up all doey eyed and nostalgic. (I hope someone does, btw) I'd like to see a UAE (Amiga emulator) port most. That would be great.