Whyis it possible to run N64 games on the PSP without lag?

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(11-04-2015 11:06 AM)thedicemaster Wrote:  the psp actually has an unfair advantage, it uses the same type of processor as the n64 which can significantly reduce the power required for emulation.

psp and n64 both have a MIPS III processor, while most smartphones have ARM processors.

The whole code is being recompiled though, even though PSP ad N64 share the same architecture of CPUs their instructions are incompatible. Let's not forget that Daedalus is a port too, in order to run natively CPU code it would require a brand new project.
You can hope that 3DS and a potential PSVita emulator will run (almost) natively in ARM devices, these are actually more possible to happen.