It was definitely a product of its time, but it paved the way to what we have now. It's important to note the N64 was the first console to have an analog stick, so nobody really knew where to place it. They put it in the middle since it was something extra not all games would use.
That said, the hardware limitations didn't matter that much as long as the games were stellar. Mario 64 and Ocarina of Time are maybe the most influential games of all time, up there with Doom and Quake.