I use Project 64 version 1.5. I like to crank up the resolution to 1280x768, I think, while playing Zelda OoT or Majora's Mask. With a few adjustments in the graphics properties of filling, rates, and rendering, the graphics are absolutely awesome! They are almost as eye-candy clear and good as the Game Cube!
Now, if you were playing on a real N64, the TV resolution would never come close to the emulator, even if you had a full S-video cable.
By the way, Project 64 is one of the most excellent I've ever used, considering solidness of programming and BUILT-IN cheats from automatic online databases. You can check-mark-click cheats in the toolbar menu (when in windowed mode) to see a huge list of cheats. Cool ones like "Press L to levitate", or "Run game in Beta Mode (programmer-mode). It is awesome to explore hidden polygons, scrapped models, infinite voids, not to mention fly around and find glitches! (You can fly over to Guerudo's Fortress as child Link to get in!) It is fun to let Link fall 100 feet screaming, then float back up and scream down again. Did I mention unlimited items, and adult Link, child Link equipment swapping? Oh the fun!