Monkey64 is currently an unreleased work-in-progress emulator written from scratch, but Daedelus is simply a port of an existing open-source Nintendo 64 emulator for Windows.
http://pspupdates.qj.net/N64-Emulator-Released-Daedalus-UPDATE-/pg/49/aid/32456
As such, it obviously doesn't run quite as fast, but it's been under development in secret for quite a while. It finally surfaced yesterday, and lo and behold, Mario 64 is playable. The colours are somewhat stuffed up, and some of the sprite graphics don't display properly, but it runs nonetheless.
I got it working earlier today and gave it a whirl - Boot it through IRshell at 333mhz - it makes a difference. Seems that 10fps or so is the maximum, but it's doubtless going to improve.