....So you're telling me the PSP can emulate the N64 fairly well, making it 9 times as powerful.....but the PS3 can't do even LAGGY gamecube emulation?
I think you're underestimating the jump in power from the N64 to the GC. Also a jump of one means a jump of an extra (estimated) nine times power for the emulating platform anyways, right?
So let's say that you have a computer that can emulate the N64 at triple speed, and the GCN is five times more powerful than the N64 (numbers pulled out of my ass for an example and that's just via core clocks which are inaccurate).
So N64 = 1, PC = 27.
But GC = 5, and PC = 27, and you need 45 to run fullspeed.
My computer (C2Q, Radeon HD 5770) can get a bit laggy with some of the special effects in super mario sunshine in Dolphin, and it's way more powerful than the PS3, let alone the Vita.
I vote the toilet TV idea.