Interestingly, I use a combination. I prefer emulsions in the cookies I bake, they have a staying power through the baking process that regular flavorings just don't possess. But, you can not beat the power of some finely grated orange or lemon peel in cookie dough, no matter how good the emulsion! However, when it comes to Royal Icing, I actually prefer extracts. I'm a odd duck, I know.