As mentioned before, SM64 died because we lost important resources. The most important tool was Mario 64 Movie Maker, made by OneWingdAngl.
M64MM was an amazing tool that could freeze the games camera, in place, perfectly. This allowed for many amazing things to become a possibility. No code has ever matched it's success, and probably never will. This tool, unfortunately, only worked on Windows XP (Other OS's running XP still can't get it to work, I believe). As everyone eventually moved on to better computers, they lost this tool.
OneWingdAngl disappeared, and noone's seen him since. Many people have gone out to seek help on getting the program to work on other computers. One person, Chance, managed to find a group of people who probably COULD do it, but they just found the whole project uninteresting.
My plan is to talk to some professionals, see how much it'd probably cost to port the program, and start a fundraiser to pay for it ('Cause I don't have money). If this works, the program will be released to the public as freeware.