Well, it boots but IIRC only in Project64 1.7 beta with an LLE graphics plugin. Even then the graphics are mostly a mess and it's painfully slow. So yeah, don't bother with it.
The short technical explanation is that he game's microcode is more or less a mystery and therefore emulated very poorly. There's more to this that just microcode problems, though.
The day the it runs well, you'll hear about it.