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For anyone curious about the quality of emulation, I did turn up this from someone who has been playing it today:

 

"Right now I've completed the first three day cycle. So far the game runs smooth without any lags, frame drops or sound problems. As good as the N64 version but in sharper graphics and larger resolution. Majora's Mask costs 1000 Wiipoints, uses 256 blocks and is pretty much the best deal you can get on the Virtual Console, unless there will be any freezing problems. I will continue testing the game and report, if I experience any issues."

http://touriantourist.blogspot.com/2009/04/moon-is-hitting-europe-first.html

So that's great news so far.