Funnily enough, I remember some rumors going around about some people trying to develop an N64 emulator which never got released or went anywhere, AFAIK. I have a vague memory of a guy going by the ID PSDonkey or something like that.
Granted, it ran at about 80-90% realtime speed, and audio was a no-go, but maybe that improved in later releases.
For the PSP, media compatibility was obviously never a possibility, but as I understand it, the native PS1 emulator on the PSP essentially works with completely unmodified PS1 ISOs in some sort of container file format, which homebrew developers have then quickly reverse engineered.
The emulator itself is technically quite impressive, and apparently largely runs unmodified PS1 MIPS R3000 code on the PSP's MIPS R4000, although the GPU is emulated [1].
[1] https://www.eurogamer.net/investigating-the-psps-psone-emula...
God of war chains of olympus, metal gear solid peace walker, crisis core ff7, test drive unlimited, motor storm artic edge... I could go on.
I don't see a world where a handheld console released in 2005 being able to play these games isn't impressive. And I wonder what homebrew could offer to match these games too.