Honestly, the best chance of getting PS1 or N64 gaming on either the Vita or the 3DS is if someone figures out how to install Android. Even if it is just a bare-bones "homebrew" mode, there are already plenty of good open source emulators out there that could be reconfigured, including PS1 emulators that run pretty well on high end ARM 11 phones and N64 emulators that are in the realm of possibility if they are sufficiently tweaked.
The other option would be to recode them as 3DS applications, which would be a lot more work.
The Vita, of course, could end up being a good choice as it has a much higher end CPU, which is essential for easy emulation. Nintendo probably felt that moving to the more expensive, newer versions of ARM chips would do little for gaming and was not worth the cost. Still, it is a far sight better than the DS by a long shot. You see similar chips in phones from 2011 that are powerful enough to do a lot of good things.
The most exciting thing would be actual games, since the 3DS has quite a bit of GPU power which could make for some excellent homebrew games.
The other option would be to recode them as 3DS applications, which would be a lot more work.
The Vita, of course, could end up being a good choice as it has a much higher end CPU, which is essential for easy emulation. Nintendo probably felt that moving to the more expensive, newer versions of ARM chips would do little for gaming and was not worth the cost. Still, it is a far sight better than the DS by a long shot. You see similar chips in phones from 2011 that are powerful enough to do a lot of good things.
The most exciting thing would be actual games, since the 3DS has quite a bit of GPU power which could make for some excellent homebrew games.