Honestly, ever since I joined years ago I've always thought emblems were pretty awesome. I love the concept behind them, how lovely the little icons are, and the witty text you guys include. If I take a moment to look through someone's emblems, I find myself chuckling at some of the text. It's great!
They also give me a good idea about people, I noticed. Such as 'Wise One', 'Shut Up', 'Graphic Artist', 'iStalker', you know. All of the emblems earned by just simply being yourself. Staff Ego emblems are also really adorable if you ask me. They're usually pretty comedic, and it's kinda fun figuring out who the emblems belong to. It's nice to have them as a friendship token too if you happen to be friends with some of our people in bold color.
I find sentimental value in emblems, too. Seeing the things you've won or participated in, remembering who gave you what and why, being reminded of your great (or not so great, in a funny way) traits... it'd honestly be depressing for that opportunity to be taken away. They're nice to go through on a hard day for memories sake, and cool to show off to other people.
What I feel might be beneficial is for emblems to be given out more frequently, if they were to be kept. Many of the new users don't know what emblems are anymore, nor are users familiar with receiving them. When I was around a couple years ago, I remember seeing emblems given out as prizes, with opportunities to earn them being more common face. Since coming back, I can't say that emblems are very common anymore... at least, from what I've seen since returning. (which isn't much, mind you, so I may be wrong)
I think I'd truly be disappointed if we lost the ability to earn emblems. I always did find that a very nice and unique trait to PC that always kept me curious about earning them.