As with any clone system, it's basically just a box with several emulators inside. If you don't mind playing emulators, then go for it. Personally, if I were going to play on an emulator, I would just use my computer, which I already own, so I don't have to pay $200+. If you're just looking for a cheap way to play PCE games, get a CoreGrafx and a Turbo Everdrive. You can get both for less than the Retro Freak, and you can play on original hardware, meaning every game runs exactly as it's supposed to. This combo also negates any possible "wear and tear" as you don't even have to remove the everdrive from the system.
Unless, of course, you have already made up your mind and plan to buy it regardless of what anyone else says. In that case, enjoy your new toy!