I have to agree with mad8vskillz on this one. I highly doubt it is placebo given that we can analyse what an emulator does in terms of the fluid dynamics in the fork.
It demonstrably makes a difference and that can be quantified. I have no doubt people overstate the difference certain upgrades make, however based purely on the mechanics of emulators/cartridged/revalving etc. it is easy enough to see that large differences are made between the options.
I should hopefully have the AR-25s in the next few weeks and will let you all know how they go. I like to think i'm a bit of a realist, although pessimist is probably more accurate. Hopefully I can provide some unbiased feedback.