I am trying to figure out what the common practice is. I know there are a lot emulators to cover most of the platforms, and nothing really beats testing on the real device. However, they release new devices and versions of browsers so quickly, where do you draw the line in the sand so to speak? 

At this point in time, I think I will have to choose emulators due to the financial implications.

What do you guys do, especially if money isn't a problem and you can purchase the devices of your choice? Either way this seems like a very time consuming task, especially since there are a lot of browsers and different platforms.

Cheers in advance!