> Is anyone actually working on an N64 emulator these days?
>
Believe it or not semi-recently (last few months) Project 64 was resurrected and the new 1.6 version has some great new plugins that cleaned up a lot of issues, increased quite a bit of compatibility, and more. Also I know that RICE guy still works on his video plugin as well but they just silently get updated on that emutalk.net forum.

N64 isn't quite a dead area for emulation, just very undeground I guess.