I've got the bonus disc, and it's actually 2 N64 games (with bumped up resolution and a better draw distance.)
The first one is The Legend of Zelda: Ocarina of Time, which is one of the best games I've ever played (and generally regarded as one of the best games ever made, but I rarely pay attention to those types of claims.)
The second game is LOZ: Master Quest (Ura Zelda) which is how the game was originally envisioned when it was planned to be the game that launched the N64 DD (Disk Drive.) When the DD didn't launch here in the US, many games were scrapped and Zelda was "trimmed" down a bit to 256 Mb. Ura Zelda was later released in the Japanese market.
I've played it a bit, and most of the game is identical to Zelda: OOT, but the dungeons in particular are quite different. They are more difficult, and the puzzles are somewhat more complex. (So far anyway, but who knows if it continues all the way through.)
The Bonus disc also comes with 7 videos of upcoming games like F-Zero, Wario, Wind Waker, and Metroid Prime (great game.)