Oh, for sure. I thought you were implying that I only was doing it to play/steal/etc games (as many people assume). I've got a pile of awesome Japanese import games I picked up the last time I was there that I'd love to play, but the region locking on the real consoles prevents me. If I had an emulator, that wouldn't be a problem. Not the only reason I'm doing this, of course (I could just buy a Japanese console), but it's a reason nonetheless :)
It's fair use. If a book is not available for sale in the US I can travel to the UK and buy a copy and bring it back with me and read it. It may not be what the publisher wanted, but it's a legally purchased good used in a legit way.