3.0 CUSTOMIZED

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Could someone answer my question?
Are the private servers as good as the official ones? or it's bugged and fully reversed emulated?

It's a "fully" reversed engineered emulation.
Well, not as fully as wow for example, since many data is extracted from client. And the teams developed the emulator for the last three years, in my eyes, did a great job.
Even if you find bugs they are mostly not game changing and the core features are all working.
Therefore I think the emulators can keep up with the retail servers.

It depends.
Some emulators are programed retail as possible, some not. That means, if you comes from the retail server to a private server which runs a "Retail-Like" emulator, you will not have the feeling of lost in space, as you have the chance to play on a hardly customized one or a bad programmed emulator source.
On this last one, you expect something and comes something else or it doesn't work as intended or expected.

Updating an emulator to the retail game functionality and features, take some time because all retail changes must be first "sniffed".