I feel like emulation will always be catching up with the latest systems, though running some modern AAA game in a virtual machine would probably need a super beefy PC (though we could probably expect that to be available by the time that becomes necessary). Hopefully then a virtual machine can satisfy the DRM.
However, I do worry about games (or, in some cases, the DRM on some games) that require the player always be online. If the game or DRM servers are taken down in the future and the developer doesn't release a patch to remove the always online requirement, the game could end up being unplayable. If it's popular enough, people may reverse-engineer third party servers, but this can present more challenges, e.g. getting SSL certificates from a CA your device trusts; on a PC you could manually trust the certificate, but on a console you likely don't have that option.
Oh, modern consoles and their push for digital distribution combined with effectively unbreakable DRM. Some games are available on physical media, but some are not. Good luck preserving those that are not when those servers go down.
However, I do worry about games (or, in some cases, the DRM on some games) that require the player always be online. If the game or DRM servers are taken down in the future and the developer doesn't release a patch to remove the always online requirement, the game could end up being unplayable. If it's popular enough, people may reverse-engineer third party servers, but this can present more challenges, e.g. getting SSL certificates from a CA your device trusts; on a PC you could manually trust the certificate, but on a console you likely don't have that option.