The only reason I can think of for putting a higher end machine in is for running other games that could be decent on a cab, like stepmania, or frets on fire, or some of the Doujin shmups, or virtual pinball, or future pinball.
Gotta agree, emulating the old console hardware is kind of an interesting exercise, but it doesn't work out all that well in a cab environment.
Future Pinball, on the other hand....