There's not much they CAN do to shut it down. SWGEmu is non-profit, and they require you to own the discs, and have the retail version installed to play. If you try using the trial version, and they find out, it's a perma-ban.
As for playing, just download the Launchpad Enhanced from this site. Does everything for you.
http://lpe.ocdsoft.com/
Edit: I should note there still isn't much you can do at this current time. You can grind up professions, get buffs, take missions from the mission terminals, and they hold PvP events regurlarly. Jedi is also in-game, but there doesn't appear to be a single set path, but rather it's different for everyone. Things like housing, space, faction points, and quests are not added yet, but if you just wanna grind through professions and try to relive the old days, go for it.