StrmnNrmn, creator/porter of Daedalus PSP (Nintendo 64 emulator for PSP) has just added a new post to his blog, explaining his views on the possiblilties of full, smooth framerate N64 emulation on the PSP. He details the technical aspects of the PSP's limitations, and he has included insight on his own Daedalus project, promising new revisions in the near future with several findings he has examined, and improved upon. Great work on Daedalus, StrmnNrmn, and thanks for clearing it all up.

Here's an excerpt from his post:
"When I first decided to port Daedalus over to the PSP, I really didn't know the answer to this. I knew there were some substantial challenges - I'd ported Daedalus to the Xbox a couple of years earlier and quickly discovered that even with 64MB you really didn't have much room to manoeuvre. With the PSP you have even tighter memory constraints (24MB user memory + 2MB vram), a slower processor and GPU..." Check out the rest of StrmnNrmn's blog post
here.