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Daedalus’ 4th release for the PSP has given it a much better performance. There are no 30+ fps ganes (that I know of) but overall the frames almost doubled on many games:

Scene	Previous Framerate (Hz)	Current Framerate (Hz)
Mario Head	3	6
Mario Main Menu	14	25
Mario Peach Letter	6-7	11
Mario Flyby (under bridge)	6	10
Mario In Game	5-6	9
Mario Kart Nintendo logo	10	23
Mario Kart Flag	6	11
Mario Kart Menu	7	11
Zelda Nintendo Logo	20	23
Zelda Start Menu	2-3	4
Zelda Main Menu	10	13

Unless great improvements are made on the present PSP library, I don’t know how far N64 emulation will reach. If we compare it to a Super Nintendo, which barely reaches 60fps on the current emulators, I think it’s safe to say that it will take a while for the games to actually feel playable.