I would go with MAME reluctantly.
PROS: You can do anything and make it as complex or as simple as you want. You can have a ridiculous number of games especially if you include console games.
CONS: You can get near perfect emulation but it takes a TON of time and effort. Game selection is limited by what joysticks you want on your control panel. Unless you have every joystick known to man on a gargantuan cab you can't really avoid this.
My cab is an original Joust cab with the 19" WG monitor still in it. I've got a decent dual core pc with 4gb ram, 120gb drive, arcade vga video card, 2.1 speaker setup, happ controls etc. I use hyperspin and have 500+ arcade games all with transitions and preview videos. 600+ nes,genesis,tg16,snes games. I also run jukebox software and all of these things run from the control panel buttons and joysticks no keyboard. Preping the cab, painting, stenciling, putting new decals and making it work probably took me 3 weeks.
The hard part is getting all the games dialed in with the right resolutions and button layouts. The original Joust came with a 19" horizontal aspect monitor and the joust board output 320x240 resolution to that monitor. Once you had your crt setup correctly(vert horz size hold etc) you left it that way and it worked for years etc. When you have 500+ arcade games you have to start changing resolutions manually or stretching the resolutions to your screen size which degrades quality. If you want to play vertical aspect games you have to either stretch the resolution accordingly or build a separate cab with a vert aspect monitor. This part has taken me months and its still an ongoing process.
Ive had my MAME cab a little over a year and have put unknown hours of work into it and its almost done. As soon as it's perfect, with all the games running correctly, all the consoles running perfectly, Im going to trade or sell it for a pin. My advice to you is to not buy a multicade or make a mame machine because its a waste of time, money and space that could be occupied by a pin!