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I'll counter that with my experience with the DS.
It's not a perfect 1:1 of course, their horsepower isn't identical and the artists took liberties that wouldn't work on a big screen (2D elements in particular).
But the DS has legions of great games that would have been killer early in the N64 era. I'm not talking gimmick puzzle games (probably the misconception that makes people skip DS emulation) but perfectly "traditional" games where the touchscreen is used rarely enough that it would easily be ported out.
Great 3D games were absolutely possible on the N64, it's just that no one bothered. I realize this might defend your point (devs couldn't afford to learn the ins and outs of the system) but that furthers another unpopular opinion of mine that game genres are cultural and not technological.
Look at C.O.P. The Recruit, Firetop Mountain, Modern Warfare Defiance or Lufia 2 and tell me 1996 kids wouldn't have been all over that shit.