There's no way that this thing, if ever released, only has ten games. I mean even with the N64's extremely limited library everyone is still having to leave off decent to good first party games, Mario sports and the like. I also included two Rare games in my list. Its not as far fetched as you think, Microsoft is not in the plug and play market, would get paid a small amount for the use of the games, and could view their inclusion as free advertising for intellectual property that they are still intent on selling to people. Indeed, they'd probably be actively pushing for Killer Instinct to be included, but I left it off because the game itself isn't all that good.
Banjo Kazooie
Kirby 64
LoZ Ocarina of Time - including the master quest, which they hype up on the box
LoZ Majora's Mask
Mario Kart 64
Perfect Dark
Star Fox 64
Super Mario 64
Super Smash Bros.
Wave Race