From what I know, PJ1.7 is long in development. New thing is going to be use of texture packs, but here is the problem.
No one likes to create packs because not a lot of people have option to download them or to get PJ64 1.7.
At the moment I'm getting more xBox games, so N64 will have to wait. Last weekend I got 5 xBox games for 10 bucks.
(and only LOZ: OOT cost double of that - it is good game, but not that much better)