Zodttd is a developer working on a N64 emulator for the iPhone 3GS. Will it have the power? Possibly, thanks to CPU, GPU and OpenGL ES 2.0 support that will deliver smooth N64 emulation. But don’t get too excited.
Some high-end N64 titles might not be available due to the lack of power. The other issue would be the control scheme. Some of us hated the N64′s controller and found the games hard enough to play originally. The iPhone won’t be any better.