Proper emulation instead of the hacks and simulation that emulators like UltraHLE uses would be great.
To me any emulator that needs to care about actual addresses in the software its running (e.g. to patch out protection, look for and simulate library functions instead of proper emulation etc) is not worth calling an emulator.
Even MAME is guilty of patching out things like protection instead of emulating it (or simulating the protection chip until it can be decapped and read out