Hate to keep disagreeing with you MB, but I do again. I think a lot of the of the visual effects of WW would look great in 3D; the puff of smoke when enemies die, the dust when Link slides or rolls, and how could would it to be see Link's eyes following something that was floating outside of the screen? The giant weapons, the hordes of enemies, and of course the ocean (with a fixed draw distance, especially for distant islands) would all also look good in 3D.
As for OoT vs LttP, like I said I'm not a programmer, but I don't think the original rendering of the game makes much of a difference. Link was a 3D sprite in LttP, and I would think that in OoT, despite the 3D models, a lot of things would have to be recoded to actually be displayed in 3D because they were programmed before to display only one side at a time, which I think is why holes would appear in certain things and people you got too close to or sort of went through (hopefully that is fixed). Then there's also the fact that despite LttP being an older game, it looked smoother because of the sprites, and wouldn't have to be graphically updated much. Whereas OoT looked cool, but had a lot of jagged polygons and the problem I mentioned above, and would need those kinks ironed out for a modern remake.
Lastly, unless I am mistaken, this is the first time OoT is being remade. It has been rereleased, but this time it is being updated and I'm looking forward to the results. LttP was remade, even slighty improved upon, but the graphics remained largely the same, though that might have been system limitations, and not what I imagine it to be.