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Man I wish I was asked questions like this in my exams-

 

  • N64 came out a year late
  • Used dated catridge technology (apparently to fight piracy)
  • Had crap sound (compared to CD quality PSOne)
  • No FMV/CG (or at least not like the PSOne)
  • Didn't have as much third party support
  • Catridge was more expensive to manufacture so less profit
  • A controller designed for Nintendo games like Mario 64 thus alienting third party support further
  • Relied on Nintento branded characters again while Sony (which gave lot's of third party support) reached out to the masses with the likes of Tekken, Ridge Racer, Wipeout and Final Fantasy all of which looked and sounded way cooler than cutesy N64 characters and games to the new casual gaming audience.
  • Thought they were going to be battling Sega more not newbie Sony
  • PSOne has loads of games coming out all the time. N64 owners kept going on about the same games over and over again while Sony has loads of good games coming out to be topped by an even better game later on and the cycle kept repeating. Didn't really happen with the N64 as much. Mario 64 topped by? Mario Kart topped by? Legend of Zelda topped by? You get the picture.