Of the 3 primary emulators used for gaming right now (Magic Engine, Ootake, and Mednafen/PCEjin (Mednafen w/ GUI and full re-recording support), Magic Engine kinda has the worst sound emulation. It gets sounds wrong and has poor volume balance between PSG, ADPCM, and Redbook audio.
I would like to hear a good comparison between these three emulators and original hardware, though. That would be pretty rockin'.