It's a milestone sure, but I don't know why there is so much love for the N64. It was Nintendo's worst selling console at the time and it marked when Nintendo lost the first place spot in the home console business. N64 didn't do terribly well from a business perspective, especially when compared to Nintendo's other systems at the time: NES, SNES and Gameboy.
It was a profitable console and it was making enough money right with the Pokemon craze. So it did do well enough just not PS1 numbers. Also the system had some of the most influential and gamechaning titles then. Its influences can still be seen today.