I did notice they are making a remake of star fox 64 for it, not a star fox gamecube game, so I don't think this will quite have the capabilities of a gamecube. It's probably halfway there by now.
They are taking the game and improving it, not a direct port. Same for Ocarina of Time 3D, take a look at that and you can see the improved power (though you can still see some of the n64 game design since they're not really changing the maps)