I haven't played the N64 Banjo games. But I do own Nuts and Bolts. So I can't say how they compare.
Nuts and Bolts its kind of like Mario 64. You just go to stages and just complete goals. A lot of which are racing goals and that's where your vehicles come into place. It doesn't feel like an adventure game, not particularly great, but still an enjoyable and different from what you typically see on the 360. I bought it for $10 so I can't complain.







