Well let's compare the N64 Against the DS, will we then?
Nintendo 64:
CPU: 64-bit R4300i RISC (93.75MHz) / 64-bit data paths, registers with 5-stage pipelining
Co-processor: 64-bit RISC (62.5MHz)
RAM: 4MB (36Mb) upgradeable
Graphics: Pixel Drawing Processor (RDP) built into co-processor
Colours: 16.7 million (32,000 on screen)
Polygons: 150,000 per second
Resolution: 640x480 pixels
Sound: 16 to 24-channel 16-bit stereo (up to 100 PCM channels possible)
DS:
CPU: Main ARM946E-S (67MHz)
Co-processor: Sub ARM7TDMI (33MHz)
Memory: 4KB
RAM: 32KB - ARM9/ARM7 common use | 64KB - ARM7 only RAM | 656KB - VRAM
Graphics: 3-inch, semitransparent reflective TFT color LCD with backlit 2D core (x 2) + 3D core
Colours: 60,000 colors
Resolution: 256 x 192 pixels (.24 mm dot pitch)
Sound: 16ch (ADPCM/PCM)
The N64 was actually emulated before the GBA was, it wasn't easier to emulate but it was emulated none the less, and at the moment the emulation is of a very high quality. Comparing the specs of the GBA against the DS isn't really all that accurate, as the higher specs of the DS would only account a small portion for the longer time it would take for the DS to be emulated. I'm sure that the more important and harder to emulate feature of the DS is by far the already mentioned Touch-Screen. Nothing like it has been emulated before so it is easily the hardest.
There are a few other factors that come into but overall the main reason why it is taking longer than the GBA is because of the screen. The DS really hasn't been out for that long so flashbang is right, you'll have to wait. :(