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There are some gems in there, but overall it is a disappointing list. I have to say that I was anticipating this would most likely happen though. The PS1 had a long list of "good" games, but it only had a few "great" (i.e. universally acclaimed) games and most of those were third party games: Symphony of the Night, Metal Gear Solid, FF7, etc.... So you've got this issue that it is going to be hard to please everyone, because each person had different list of "good" games, and several of the "great" games didn't even make the list.

To be fair, I doubt the N64 classic list will be much better. Nintendo's best classic years were with the NES and SNES. They did do a really good job picking the lists for the classic versions, but it was easier for them, because most of the best games were first party, and Nintendo was the market leader. Now with gen 5, we can choose the PS1 where the best games were mostly third party or the N64 where Nintendo was not the market leader, and therefore the game library was overall weaker. Not a great choice either way. Also gen 5 games don't age nearly as well as gen 4 games.