Hmmm, I'm pretty well into the console world and as far as I'm concerned N64 has always had better overall content than PSX.
Nintendo's machine is cart based, which is expensive to create games for compared to PSX, this usually means that only large, successful (and usually highly talented) games companies are able to produce games for the N64. That coupled with Nintendos stringent quality control means that games are mostly good to exceptional quality (if not always very original).
Of course PSX has more than a few aces up it's proverbial sleeve (Silent Hill is still one of my favourite games for any platform and everyone should play MGS) but as far as I'm concerned Sony is well aware that if you give everyone the chance to create games then every now and again you'll get a gem. Consider that we only get 10% of what's been released in Japan is seen in America and Europe and we still see a helluva lot of games. It's the old "throw enough muck at the wall and eventually some will stick" mentality that's made Sonys machine sucessful. That and a voracious advertising campain (only cool people buy playstation remember?).
At the end of the day I see playstaion as a "cool accessory" whilst the N64 is a dedicated games machine.
It's worth noting the background of the two companies, Nintendo is and always has been a toy company, it's priorities are "fun value" and quality. Sony on the other hand is an electronics company that makes cool gadgets (walkman, discman etc.) and it's trying to sell an image.
Ummmm, I could go on for weeks on this subject so I'm going to shut up now
Hi Ho, Hi Ho, it's handgrenades we throw...