Actually (yes yes I know, consoles and computers are like apples and oranges, except for the Xbox) the next gen consoles are not powerful enough for feasable N64 emulation, especially the Dreamcast. The Dreamcast was 200 mhz with 16 MB of RAM and 8MB of video memory, the PS2 is 294 Mhz with 32 MB of RAM and 4MB of video memory.
However, there are plans of a port of the Daedelus emulator to the Xbox, and its believed that the Wind Waker bonus disk for the Gamecube runs Zelda Ocarina of Time and Master Quest under emulation.