And yeah, SS was looking into getting a beagleboard or similar device awhile back because I was telling him about it.
Anyway, N64 emulators still have issues on PC, so not even considering mobile emulation, people could still tell the difference. Emulators are great for the convenience, and I love them, but original hardware is still going to be better. That and most emulators tend to use hacks to make the most popular games work, while neglecting the rest.
It's more than fine for a more general purpose device (what SS had in mind afaik), but if someone's sole goal is just making an N64 Portable, then you can't rely on emulation and still call it that.