1. The emulator is a big issue. One of the rules the emulator has is "Don't package this with ROMs." Also, taking emulators without the creator's permission is pretty gross, as that is usually their legal work. Other companies in the past, Sega in particular, have worked with emulator developers to officially purchase or license their software.
2. Again, this isn't unique to them, but they're utilizing the things they've seeked to prevent in the past. These ROMs wouldn't exist if they had their way.
3. People are saying this is a legal path to "owning" the ROMs. But you have to do just enough work that it could possibly qualify as hacking or reverse engineering, meaning that no, you really aren't getting any legal benefit to buying them this way and stripping the ROMs out, unless it makes you feel better to do so.