|Image taken by TrekkiesUnite118 on the Sega-16 forums; see the texture pattern on the wall.|
there was a discussion on the devmaster forums about reproducing this 3-point sampling in software with some great screenshots and code samples. Then, a couple of years later, ArthurCarvalho posted an HLSL shader that performed the same function on the Emutalk forums.
Skip to 2014 and my friend aliaspider, author of the awesome GTU shader and the guy responsible for porting RetroArch to the PSP (among many other things), ported this HLSL code to GLSL and plopped it into the rendering code for the libretro fork of mupen64plus, where it is applied on a per-texture basis. This clears up many of the texture artifacts typical of N64 emulation and provides that familiar, pointy-textured look:
Update (9/15/2015): looks like gonetz has added it to his crowdfunded gliden64 plugin.