It is my belief that the reason the whole pc-pinball business went down the drain is a killer app, a revolution in pinball simulation: Visual Pinball.
It is a Pinball Construction Set on steroids. Unfortunately it runs only on wintel machines. There exist already hundreds (thousands?) of tables written for VP. VP was alive till around 2004 and then faded away.
However at about the same time another pinball simulation (alas, again for wintel machines only) did appear: Future Pinball.
It took me some time to try it (first I had to get my hands on a fast Mac-Intel). Unfortunately FP refuses to run under virtualisation (or runs very poorly). It has probably to do with the graphics. On the other hand once you boot in Windows everything runs smoothly and I must admit that FP is an excellent pinball engine. Scores of tables exist and it is possible to find many useful links starting from the "Pinball simulation on the PC" site.