It's really hard to say, but I know that they would not get away with game-breaking bugs like they do now. I don't think it would have been a cult hit. It had too much to compete with..like the original supercraze of pokemon,ocarina of time, ff7 ect.
Not on the PC (yeah, there was Half Life...but not all that much more), so yeah, I would say that it would have been a classic (note: These "art-works" are fine, but I would say it would have had more of a third-person perspective (like the real game did)...why shouldn't it? - Tomb Raider had that for example (ok, without companion characters you had command over))
As for bugs (like someone said):
They would not have gotten away with many
The story would have been better, too (I am looking at you ME3 -.-), because that was the most important thing about a game back then:
Story...after that it would have been gameplay and grafics only as a third in line.
greetings LAX