Looks like everyone's Christmas gift this year is emulator news on the iPhone. Hot on the heels of Nescaline's release on the App Store (and prompt removal) comes the first N64 emulator for the iPhone. Unfortunately it's only for jailbroken phones, but it has been released by the master of emulators on the iPhone; ZodTTD.
Ignoring the catchy Michael Jackson tunes there are a number of things to note from the video. The control scheme shows the ability to use the Wiimote as a controller using the iPhone's bluetooth connection (Update: I can confirm this works; supremely cool). Speed is definitely the biggest shortcoming, as well as a need for alphas in texturing.
Criticisms aside this is a truly impressive work of emulation craftsmanship. Currently the app is available through Cydia for $2.49.