It's going to be for a new console, Nintendo 3DS. Which is probably going to be the console for BW, too.
My opinion on it? I think that Ocarina was a very good game. Amazing, in fact. I'll even bend down as low as to say it was beautiful.
Something's going to get fucked-up during the remake. I know that a lot of things are going to get way better, but it's going to be put on two screens and it's going to be really weird. And Nintendo are going to make a fortune off of it, and old OoT fans will rejoice cos it was the best game ever, and it's being remade into something epic.
I dunno, that's just not my mindset. I prefer the originals. Now when people think OoT they're going to think of the new thing on 3DS instead of the masterpiece on N64.