Link's Awakening was the first Zelda game I ever played so perhaps this is nostolgic bias, but I too think it is the best Zelda game and the best portable game ever. Still, I love the story (the writers of Lost get all their ideas from Link's Awakening) and the way the story ends, the music is the finest collection of beeps and bloops to ever emanate from the original GameBoy's speakers, I love the dungeons, and most importantly, I feel it strikes the most harmonious balance of dungeons and quests outside the dungeons that no other Zelda game does. It also did something that few video games do, it got me to care about the characters. Pretty freaking impressive for a black and white, 8-bit portable game.
Remaking Link's Awakening would be like remaking Super Metroid (completely unnecessary) but if they re-released it, I'd be all over it.