One of the new things that have now been added in to the current beta of project 64 is low level graphics. It is slow running at 5-30 fps on my machine, so you would not want to play a game with it. Some games look great, others not so good. This version is currently available to beta user, to find out more about being involved in the beta program read about it here.
Check the pics here: http://www.emutalk.net/project64/33294-lle-gfx.html
Check the pics here: http://www.emutalk.net/project64/33294-lle-gfx.html