It looks like what Cube could put out to me. Which is pretty cool honestly as that's far better than any other portable I've seen.
If they could put a 100% accurate port of FZero GX or RE4 on there that would be really cool.
OOT wont be the best title to judge the game from. They say they wanted to stay true to the n64 verison and its just a port with redone texture work from what I understand.
I'm sure by the end of the year we will see more of what the 3ds is capable of.