It would be brilliant if someone was ready to open the source code of their ST emulator.
We're all a little selfish and a lot of the demo coders among us are dying to see their old demos being run correctly by an emulator. Given the chance (i.e. if someone opened the source code of their emulator) I'll definitely try to hunt down the thing that's stopping my old code from running, and will try to adapt the emulator code to make it run it.
That being said, coding an ST emulator is a huge job, and I respect the intellectual property of their authors... Without these authors we wouldn't have the great pleasure of seeing some of the ST programs that meant so much us when we were younger. If only one of them gave open-source a try! It could make such a difference.