Very poorly, I might add. But hey, there are always other system that could be emulated well - SNES, Mega Drive, NES, Master System, PlayStation, Game Boy Advance... N64? Not so much. The console is notorious for being hard to emulate not only because its hardware is a tad convoluted, but also because the games often used complex "programming tricks" to go beyond its limitations.
How exactly do you expect them to patch something that's on retail cartridges in ways other than a System Update which you can easily decline? Besides, Nintendo doesn't know the nature of the exploit yet as it's not public.
...this would be a good time to stop updating your system just in case thought.
That said, we're at least a year away from proper libraries, so don't expect a homebrew fountain just yet.