I really only bought this to play Super Mario 64 and Ocarina of Time, although I wouldn't mind having Starfox 64, Donkey Kong 64, F-Zero X, Goldeneye and/or Perfect Dark, Mario Kart 64, SSB, Wave Race (that was N64, right?), and maybe another game or two. But I'm really only interested in Mario and Zelda.
Some of it might be nostalgia, yes, but I remember Super Mario 64 having an awesome story and feel to it, besides being visually impressive, having interesting mechanics, and the fact that I only played a little bit of it really bothers me. Ocarina of Time is the same thing but from what I remember it has incredibly infectious music, a number of side quests, and it's Zelda dude! For reference, I love old school RPGs. Chrono Trigger is still my favorite game and FF7 and A Link to the Past aren't far behind. So who knows, maybe I'll buy a Gamecube next!
As far as emulators go, I'm not interested. Playing with the original controller and cartridges have a soothing effect. But I don't miss the endless blowing into NES cartridges. Man that sucked.