I always enjoy these threads. There's never an inbetween on opinions... one camp thinks the game still plays well, and the other likens it to being kicked in the nuts.
I mean... in my opinion, it's still a perfectly playable game on all levels. Controls are still solid, and the graphics are fine. The problem is that everyone has gotten used to the 'new, new, new'... no 64 game will ever look or play like Halo 3... or 2... or 1. I don't know, I still retain an appreciation for older games, and still play them regularly. Also, there are MUCH worse looking games on both the 64 and the PS1. GoldenEye has aged... and well.
Anyway, onto the 'new port' issue. First, ANYTHING they do with it will clean up the graphics. Just look at the 64 games on the VC, they look great. Sharp and clean.
Now... honest opinion... if it actually ends up somewhere, it'll be the VC. Activision would, more than likely, be easy to deal with, especially if they want Bond awareness raised, which re-releasing the game would do. I could see MS relenting... but not Nintendo. I just get the sense that Microsoft would be willing to work something out, if only to help save the now sullied name of Rare. Nintendo, as long as they have a stake in it, just wouldn't let it be released anywhere else. I guarantee it.
My two cents.