It's a good thing to get an unbiased view on this subject, so... lets discuss the N64's Shit memory system and stupid hardware accelerated AA... taking it right down the middle yeah?
lol, what a great response.
My two cents: It really just comes down to preference. It's clearly not an N64 vs PS1 thread as the OP stated that the N64 was the more powerful machine having been released later (not to mention it's really not up for debate; I don't think there's an argument for the PS1 being graphically superior to the N64, but I could be wrong). It's a question of preference. I have a lot of nostalgia for FF7's blocky characters and pre-rendered backgrounds. I loved the massive three or four disc games packed with CG. I loved that long PS1 intro sound that played when the system booted up. I loved taping down the disk tray safety mechanism so I could play my games and watch them spin... And then one time it stopped spinning, so I took the game out and was mesmerized at how it was still letting me play the game despite it not being in my system.
Then I had this idea... The next time I had to return a PS1 game to Blockbuster, you already know I loaded that shit up first. When I got back home, I sat down to play only to find that it asked me to put the disk back in after walking around for a few seconds. THWARTED!
I have fond memories playing Croc: Legend of the Gobbos, Spyro, and there was even a pretty cool Pong game I enjoyed.
Not sure which I prefer more; depends on the mood and depends on the game. Ocarina of Time was probably my favorite game of that generation; way ahead of it's time, and an experience that I'll never forget. I can't say enough good things how OoT changed my life, and made me become obsessed with videogames.