Uhm from what I understand, it's making the 2D game 3D, because it already has multiple "layers" like the mountains and such. Not a full on 3D remake in the sense of Ocarina of Time. On top of that it's already been stated that the next Zelda on the 3DS will be a new one, before they do anymore ports/remakes, and that Majora's Mask is also a potential 3D upgrade.

THE JACKEL