@psychotix:
Well... sure... but, it wouldn't make a lot of sense: First of all, the geometry you'll export is triangulated. That means:
1) You'll have problems with smoothing of the polygonal normals.
2) You'll have problems when it comes to rigging/animating your geometry.
3) You'll have problems when it comes to texturing/laying out Uvs, etc.
Okay, it's actually not much of a problem to make a quad mesh out of that triangulated mesh, as you can see here:
(took be bout 10 Minutes)
BUT you certainly loose all your UVs. Okay, it would also be possible to lay them out again, but the textures are the next problem. Obviously the N64 used some pretty nice techniques to wrap textures.
E.g.: Legend of Zelda, the top of a stump: only one quarter of the top of that stump has been textured, the rest was some kind of "circular wrap". That means, the other positions would have been -y, -x and -xy. It would be a pain in the ass to lay out the UVs according to that fact.
All in all it'd be _A LOT_ easier to actually create your own meshes, lay out UV's and texture all by yourself than to absolutely reuse the N64 Meshes. If that's what you'd want, if you'd absolutely wanted to use the actual N64 Geometry, sure, there'd be ways to do that, but it would not make a lot of sense, as I just said.
I'm an artist, not a programmer, but I guess it's also a little harder to "just fill in the code to piece it all together" than you think...
And you could use 10x more detailed meshes nowadays, so I don't think anyone will use these meshes for some games.
PS: Oh, exceptions are games like Perfect Dark or GoldenEye, it seems Textures are fine with these ones - nevertheless, all other arguments still apply for these too!