No way. I will be amazed if the iphone will have enough processing power to run N64 by emulating it. I remember my P3 800 had a hard time with project 64. But if this did happen i will buy a Itouch immediately.
ya i have a difficult time believing that an N64 title will run fluently on the iphone. I would really like for it to though, seeing as I just recently purchased an ipod touch 3g. I think i also tried running an N64 emulator on a P3, and it didn't work perfectly. However, the screen resolution for the ipod IS a lot less than what i was trying to run back then. Maybe that will help it run smoother?
another problem that will probably be even harder to fix is the controls. I really cannot imagine trying to play zelda on the touch. mario 64 and mario tennis might work though.
still, its all very interesting. i'm just not overly optimistic.