They want people to use the emulator because Windows Phone applications are expected to run on devices with multiple resolutions, and you are expected to test all of them. Your physical device has just one.
Not having the emulator is going to limit your ability to be successful in developing an app. Why would Microsoft support this approach?
Then why was it OK to install the WP8 tools on my Windows 8 machine after the installer warned me that the hardware doesn't support SLAT and therefore the emulator won't work? Your logic doesn't hold based on this.
It is merely MS placing artificial restrictions in hope to force W8 adoption.