I'd say an E-MU is worth £200
Best things about the EMU
Its nice to overdrive the inputs a bit when recording into it to give a sound some "fuzz"
Its got some nice effects. reverb, chorus etc
Beautiful filters, LFO's and envelopes to manipulate your sound
You get a whole new world of possibilities.
Once you've made a sound in Massive or FM8 etc just record it into the E-MU and fuck it up more
You can actually push buttons and twist knobs rather than clicking a mouse
Worst things about the EMU
Its fucking huge
Its fucking loud
Its can be a ball ache to use
They are old so your constantly worrying it could die any second
Switching on an E-MU doesn't automatically give you Ed Rush & Optical sounds