Regardless of the bump, I'll chime in here as I happen to have been playing Mario 64 lately.
I was about 16-17 when N64 came out. Having been a huge Mario fan since NES, I was really disappointed with Mario 64 since I first saw it at a Toys R Us kiosk. I still bought it (day -1) and played the shit out of it, but it lost something in the translation to 3D that I had valued in the 2D games.
Despite this, the game has had a lasting power over me similar to that of my favorite games. I actually like it more now than I ever did in the pastespecially when it was first released. So to answer the original question, yes it definitely still holds up (as all truly good games do).
My son, who will be three years old in October, recently expressed an interest in playing the game after I booted it up randomly on our Wii U. He had been able to play a few ipad games in the past, but pretty much just senseless screen swiping. To my mild surprise, movement in Mario 64 came much more easily to him than movement in what I considered simpler 2D games like Kirby. I think the logic of the analog movement just makes sense in a way that moving on a 2D plane does not. Now he wants to play the game (and Mario 3D World) every night.
One thing about Mario 64 on Wii U thoughdespite all the praise for the Wii U Pro Controller, I find that it controls this game pretty much like shit. Trying to aim out of the cannon in the first level is next to impossible. The deadzone of the analog makes the game much less enjoyable. I think the classic controller (or the nunchuck) is better, but my son refuses to use anything but the Pro Controller (he's two, not worth the battle), so I haven't really found an ideal setup.
I can say that, after 20+ years, I am more hyped than ever to play the game. Hopefully they bring it to Switch sooner rather than later, and take the time to give it the port or emulation (or remake) that it deserves.