Of all the things Android Wear can do at this point having been out for over a year now, the last thing most users are probably thinking about is playing Mario 64 on their wrist. Sure, Android Wear has some games available for it, but they're mostly simple offerings like Swip3, not video games that originated on consoles that were initially played with a full-sized controller which had tons of buttons. Forget that, though, because it's now possible to play ROM games on an Android Wear smartwatch through the use of both the PPSSPP and N64 emulators as demonstrated by YouTube user Hacking Jules.
Throughout the videos which show both of these emulators working, Mario 64, The Legend of Zelda: Ocarina of Time, and Monster Hunter Freedom Unite are all booted up and playing on the original LG G Watch, albeit rather slowly, but the point is that it's possible to do. Now, whether or not this comes across as a giant breakthrough to you personally depends on your stance on gaming from your watch. The screens are quite small likely making it next to impossible to play any console games with enjoyment or ease, due to the challenge of trying to hit the correct buttons when there isn't enough space to tap the tiny keys in the first place.
There's also the matter of processing power needed to run an emulator efficiently, which Android Wear isn't exactly built to do, so while it is possible to get emulator apps and running, you'd have to ask yourself whether or not you'd really want to when you could simply play these games on your phone or tablet with much more fluidity. Only users can answer that question for themselves, of course, but at the very least the videos serve as a nice proof of concept that despite what we may think of Android Wear in its current state, the watches can do more than we may have imagined. If anything, it displays that apps on Android Wear which make much more sense than video game console emulators should be able to run with little to no difficulty.