Eiji Aonuma has said from the official Nintendo Magazine (UK)
"Ocarina of Time was the first title I worked on, and I was continuously tackling challenges every day during its development, so I think this is the title I feel I impacted the most. I believe that experience made me what I am now. I always think about what we couldn’t do and what didn’t work well in the previous game when we start a new title, but there’s no game that I would want to actually change as such. I have to say though, the first Zelda game that I played and felt potential in was Link to the Past. I’m actually very interested in what it would be like if we remade that title as a 3D game".
As in terms for graphics Aonuma said that it could end up with a graphical style completly new to this generation! It will go along with the gameplay and storyline they choose.