A Nintendo 64 emulator has been released for the new iPhone 3GS and iPod Touch but only if they've been jailbroken unfortunately.
Gizmodo posted a story about an iPhone developer who has released an N64 emulator for a jailbroken iPhone or iPod Touch. ZodTTD has released a video that shows Super Mario 64 and Mario Kart 64 working on the emulator but it looks a bit sluggish at the moment. As stated in the article, this is the usual progression of all emulators at first but it definitely shows promise. It takes advantage of the Bluetooth support and that allows you to use a Wiimote to control the games. On paper, this seems like an awesome emulator but we will just to see how the development progresses. Right now, it will only work on the newest iPhone and iPod Touch only because they have the power to play some but not all of the N64 games. ROMs are not included with the emulator for obvious reasons and it will cost you $2.50 to get your hands on it right now.
Palm Pre, the latest hope for anybody that wants an iPhone killer is well on its way with a recently released NES Emulator.
Thanks to some clever Pre developers, you can now play some old school Nintendo on your new smartphone. The Palm Pre has only been released for a little more than a week and it already has its first hack. Developers have figured out that the classic Konami code (upupdowndownleftrightleftrightbastart) will allow you access to the phone's developer mode. From that point you can access the root and install the emulator.
It remains to be seen whether the Palm Pre has a chance of cutting into the iPhone's market dominance, but with hacks like this, it has a better chance. If you are one of the lucky few out there that were able to get their hands on one, check out the instructions on how to install the NES Emulator on your Palm Pre.