What I would like to see in terms of expanding the emulation world is not this per se, but something quite similar to it. I mean they've found how to dump the mesh, figured out how to dump the texture, but all in all they put them all back during gameplay which is sort of computer and gpu intensive(depending on how it's done). What I would like to see is a program (or an assortment of programs thereof) to allow you to "browse" your games, and replace stuff at will. Then I won't need a rather large collection of textures for my games because I would have put everything into the game itself. Sure if I wrote it back to cartridge, it'd probably make the n64 take a crap on itself or run incredibly slow, but for the computer sake, if I could just "tweak" link how I see fit (hehe maybe even replace him with mario

), put him back into the game as if he were there normally and just let the emulator run it, it'd be like everything that everyone is asking for, but longer term, and less computer hungry.
Anywho, just a thought on the matter.