With the demo that Brandon and Seth did I immediately heard the difference and liked the version with Console Emulation on better.
I think this is due to 3 things.
1. I do think it imparts some euphonic character to the sound
2. Given the driven nature of the emulation it sounds a bit louder by definition, and we generally perceive that louder is better (until driven to the EXTREME)
3. They were mixing with the emulation on, so every other choice they made was directed in part by that fact. If they had just randomly turned it on after mixing with it off I would very like have preferred the results without it.
I think the best practice with this is to try a mix with it turned on for each channel and find settings you like with it before you do much of anything else beyond basic EQ (low/high rolloff, etc.) This way everything else you do will be working with the emulation, rather than working against it. This would more closely parallel what you would do with a real console anyways. The sound it has is the sound it has- everything else would be done with that assumption in place.
Peace,
Tunes