I voted for start+select, since that combination will very rarely be in use in actual gameplay, and as someone said, although start does have an action on most emulated platforms, it is usually non-intrusive (and reverseable). Also, select usually does not have an action, and depending on how the emulator is coded (not to relay button press to the emulated system if it has an action in the emulator), if the user knows this, he/she could press the select slightly before, reducing this problem.
I also don't like flicking the power switch, because as someone already stated, repeatedly using it might wear it down (and there could be situations when the menu is accessed frequently, although often it is not) - it was not designed (?) for such usage and 2) I can imagine a situation when I need to e.g. steer to the left (or whatever) and need to access the menu -> accidental trigger of another action.
Though, I can imagine different users have different preferences. So more user friendly would be making it re-configurable via GUI (on a per-emulator basis). Or, if I'm not misunderstanding, someone was thinking of something like a configurable home-button daemon? That might be a good idea, or not, I really can't say =). Also, that would require another firmware update, and an update to each of the emulators to use the daemon.
Also, I'd like to remind the authors of emulators to not make shortcuts (to anything) that could be easily triggered by accident (make them only as options!). I needed to patch FBA myself to remove too disturbing quicksave / quickload shortcuts.