I remember the days around 97 and 98, I used to spend the time at my friend's frothing over with excitement to play WWF War zone on N64 only to realize later that another console called PS1 would totally trounce it wrt sales. I was not well aware of that console until Tekken 3 drew me to it like insane. The next big thing after FF VII for me.
EDIT: Worth quoting it here "Had Nintendo made the N64 a CD-based system, it's probable that they might not have lost the bulk of third-party support to Sony, and the N64 would have sold what the PS1 did and vice versa" By the time CD turned out to be a mainstream format in 97 and the onset of piracy, there was no turning back for the console at that point.