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I'm a little late to the conversation, but...
My friends and I are around 5 years younger than that, and the exact same phenomenon occurs, except with GameCube vs PlayStation 2. PS2 may be the best selling system, especially compared to how much it crushed the GameCube, but I don't think it gets the same love. And I think this...Completely anecdotal but all of my friends and acquaintances (so at this point, 30s and upward, that was painful to write) all had an N64 or have the fondest memories for N64. Not just friends near me, but online friends too...for a console that definitively outsold it and was a demonstrable huge success, I just do not see the same sort of reverence for the PlayStation 1. Maybe Nintendo won the long-term game, who knows.
...and this...My theory? It's because Nintendo 64 was a better multiplayer system. Everyone has memories of playing N64 with their friends.
Most of the best experiences on PlayStation were single-player (Final Fantasy, Metal Gear Solid, Crash Bandicoot).
Even the most hardcore PlayStation fans wanted to play a few rounds of Goldeneye 007 or Mario Kart 64.
...also applied to the GameCube.Everyone that had the N64 played the same games. That's one reason why N64 nostalgia is stronger than PSX nostalgia.