N900 will come around down the road, but:

Android already is better than any other OS for emulators. All of their emulators works better and have higher compatibility rates. An example is GBA, since most of the games that do not work on the Maemo GBA emu work fine on Android and the G1, not to mention Final Burn and MAME. Droid with a good d-pad would make Android the King of emulators- for now.

N900 does not equal Pandora, since Pandora is overclocked and shuts almost everything down to achieve playability with PSX.

Not slamming the N900, since it has other far greater strengths, but it will have a long way to go to equal what Android already does on a far less efficient OS. No doubt that the N900 will catch up... I hope

Android already emulates GBA, NES, SNES, Genesis, Sega, Game Gear, Neo Geo, Capcom CPS and MAME. All of the games that were slow on the G1 overclocked to 528mhz play smooth on Droid. Even some of the more demanding Neo Geo and Cave games. Just needs a good d-pad (G1 at 528mhz plays 90% of the games great with sound).

I have a PSP loaded with emus and a Dingoo, so I can wait. Given the N900's less resource hungry OS, the N900 should be even better than Droid, which is already AMAZING for game emulators

BTW, I got used to the G1 KB for games, so hope the N900's is at least equal to it- which is not saying much.