Team EmulateMii, a reputable team in the Wii scene responsible for creation of various emulators (such as WiiSX/Wii64), have announced today that they are working on a Nintendo 64 Emulator for the PS3. They are working to build the emulator with PSL1GHT (legal homebrew SDK).

To quote:

We’ve been playing with PSL1GHT, the legal, open SDK for PS3, over the past couple days, and we have a basic port of Wii64 to PS3 already. Expect more to come… PS. There is some recent news about a team claiming to be working on an N64 emulator for PS3. Just so you know, that story is not about us or about PS364.

You can bet that their work is probably more legit than the other dodgy video floating around in the scene.

[VIA EmulateMii Blog]