For Mario 64: I'm 99% sure they don't emulate Mario 64's vanish cap properly. They do not even try to emulate lag. VC lag happens, which is new lag that happens at parts of the game that doesn't lag, it's random, and can lock up your controls during said lag.
SNES/NES VC games do have lag emulated (albeit not completely accurately) and can be considered emulated eons better.
SNES/NES VC games do have lag emulated (albeit not completely accurately) and can be considered emulated eons better.
