Transmeta isn't dead yet? I haven't heard from them since the Crusoe launch 3 years ago (plus even the Socket 370 Celeron was trouncing it in some benchmarks IIRC...)
Anyway, I get the feeling that playing Goldeneye with the WASD keys and a stylus whilst holding the unit upright would require a minimum of three hands (having to plug in a USB joystick to play anything kills the portability aspect to a degree), and "up to 3 hours" of battery life doesn't sound terribly reassuring, especially when it has to be docked to take DC power. The utter lack of removable media can't help, either. Not to mention that it'll probably cost more than a BLU, Z1 and T|T3 combined when it launches.
So essentially, it'd be the equivalent of an ~$800 iQue if you're buying it for the N64 emulation. (PSX, GBA and MAME emulation capacity score it a few more points, I suppose.)
Speaking of which, Lik-Sang's got an iQue with Dr. Mario, Mario Kart 64, Super Mario 64, Wave Race 64, Star Fox 64 and F-Zero X for $119. Plug that into an LCD-TV (yes, it outputs NTSC!) and you're set.