To me its kinda like asking: Can i play illegal download mp3's on my iPod?
Oh wait, if you own the original games then its cool to have the ROM's, right?
The virtual console is simply a cash-in on the whole rom's/emulation saga.
Its like metallica versus napster.
Thing i don't get is, i mean, if your a mad nintendo fan, you probably already have a gameboy, ds, GC, Snes, and Nes emulator running on your home computer, and you would no doubt have shitloads of Roms. Also, you'd probably have a genesis, master system, and turbogrfx emulator if you are a serious gaming buff.
The vurtual console, to my mind, is for the novice.
The Virtual Console offers me nothing new at all.
I already have every single Nintendo title from the past i could possibly want to play ever. Period.