I hate to be a skeptic, but...
Originally Posted by mecenefeaa
isn't very probable. I don't doubt the validity of these guys' goals, but they did say they were new at it. Emulation isn't the easiest thing in the whole world, especially not the N64. I don't think Project64 has any dynarec backend besides x86, which would be another problem. Writing one from scratch wouldn't be as hard as making one for x86, since both systems are RISC, but it would still take a lot of work. I'm not sure if an interpreter would be fast enough for the n64, even on ps3.
Anyway, good luck devs! If you wanna port a PPC backend, I know that the PCSX project has one. You can find the code in the PS3SX svn tree on google code.