Well, in the sense that it removes the need for a cancer-leaking CRT monitor or TV. The EON Super 64, as it's creatively titled, is a plug and play solution to connecting your N64 to your modern telly or monitor and doesn't require a power-source, while also upscaling games to a whopping 480p.

Which isn't to be mocked at, especially given non-Expansion Pak'd games presented at a native 320x240. And having a HDMI parse through just removes clutter and mucking around if, you know, you're not into the ROM scene, which we don't condone AT ALL *surreptitious wink*.

Ahem.

EON, the creators of the acclaimed GCHD and GCHD Mk-II, upscales N64 classics by delivering gorgeous 480p — double the N64’s native resolution — and truly lagless input with the EON Super 64. The optional “Slick Mode” even smooths jagged edges, making classics look sharper than ever. EON delivers the first device that respects the original hardware without risky modifications and external power sources.

Connect the N64 to a high-definition TV via HDMI and forego heavy CRT televisions and risky console modifications, unlocking a pure retro experience. EON’s attention to detail provides an elegant, modern solution for the 32.9 million N64s sold that are unable to play on today’s displays.

With reverence for the Nintendo hardware legacy, EON designed the Super 64 as a natural extension of the console itself by following the N64’s design aesthetic. The Super 64 looks like it was always meant to be there.

“Because the Nintendo 64 impacted our lives and the lives of so many others, honoring the original hardware with a look and quality level to match was crucial,” said Justin Chou, Justin Scerbo, and Allan Chou, founders of EON. “We designed the Super 64 to bring our favorite games to modern TVs, and not just be playable, but beautiful. We hope our device lives up to your memories.

It should be noted that this device currently only works with NTSC consoles (ie US and Japan because the past). Watch a 'video' highlighting the EON Super 64 embedded below.

Not to be overly picky but:

It should be noted that this device currently only works with NTSC consoles (ie US and Japan because the past).

This seems to have rather limited appeal for Aussies?

Can't speak for the Super64 but the Gamecube GCHD adapter worked on my Aus gamecube. I ended up getting my N64 modded about a year ago with the UltraHDMI mod but it is a more expensive option.