Pros:
Has many emus in one app.

Cons:
There is no Full version of DroidEmu on SlideMe. For the Full version, you have to buy using the Dev's Web site and it restricts use to only one phone! YOU MUST give it your phone's IMEI number so that you can receive authentication to use the Full version. I have 2 Xperia Play units and trying to install it on my second unit would mean I have to buy the Full version all over again.

Also, the emus in DroidEmu seem like rips from other emus like Gameboid, GBCoid, Gearoid, Gensoid, Nesoid, and SNESoid which are all FREE for a limited time on SlideMe. So you are actually paying for currently FREE emulators on SlideMe. I also noticed it installs a seperate SEGA Genesis emulator that works within the app. When I uninstalled that SEGA Genesis emulator and installed the FREE Gensoid emulator, DroidEmu recognized it as being the one it installed in the first place. Hmm... rip comes to mind again...

I've purchased and have seen better quality emus on Android Market and SlideMe and they at least have no limit to how many phones which you own that you can put them on.

I only give it 2 stars until the Full version is offered on SlideMe, and also, because the quality of the emus in DroidEmu is par to sub par with other emus on the markats and seem like rips from other FREE emulators on SlideMe.

Better Quality emulators you can find with better compatibility, support and updates:
MD.emu (SEGA Genesis & Master System) Android Market
GBC.emu (Game Boy & Game Boy Color) Android Market
NES.emu (Nintendo) Android Market
SNES9X (Super Nintendo) Formerly on Android Market but now on the Dev's Web site for FREE.

Other Similar Quality emulators you can find:
Gearator (SEGA Game Gear & Master System) Android Market
Gearoid (SEGA Game Gear & Master System) SlideMe (Currently FREE for limited time)
GameBoid (Game Boy Advance)SlideMe (Currently FREE for limited time)