As an alternative thread, if you could fire up an emulator and stream your gameplay easily with TwitchTV style features... would people here watch that? (it would require no peripherals like Elgato, just emulator software and a good net connection).
Actually think this is a worthy topic on it's own. Speaking for myself I would definitely be interested in stream watching of classic video games. I've spoken highly of OnLive lately, and they have a truly unique interface when joining their system. You see a grid of hundreds of people playing and you can watch in on any of them. At first I had thought this was completely useless and simply a cool tech demo. The more I used OnLive the more I found myself hopping in to watch people play parts of games I was stuck at, or just curious about the best way to approach.
I could see a similar hub being used for classic gaming, or even PC gaming (some of which already exists). Using emulators we would be able to provide high quality streams (pixel perfect NES for instance) and then apply video filters locally. This means you could hypothetically watch a player play through Ocarina of Time in high quality. It would definitely add an intensely retro feel to an emulator's interface.