Look what we have here -- a preview of 3G4, a N64 emulator developed by NWorksDev. Compatible with the iPhone 3GS and the iPod Touch 3G, this bad boy appears to be rendering down the graphics (as one would expect) but all in all it seems to be running pretty smoothly. Of course, this is a work in progress: the developer (who claims to be 14 years old) says that he has to overcome duplicate button registers, delayed presses, and some crashing -- and he has yet to implement the L, R, and Z keys. That said, this thing is pretty sweet! Hit up the YouTube links for info on becoming a beta tester -- but not before you see the thing in action after the break.
Update: Engadget reader and fellow Twitterati @kankuroukun brought a third video to our attention, this one purportedly showing the so-called "beta test" to be a fake. Or, as they say in Latin class, a phonus balonus. Well, it sure seems like this guy is just playing a video on his iPhone and moving his hands in time with Mario. Get a closer look for yourself after the break.