I think it should wait for the next console since Iwata said at some point that HD would be a large possibility.
"If we have an opportunity to make a new console, it will probably support HD because it is now common throughout the world,"
That way people won't be like "
OoT for this console too". In my opinion, PS3 graphics are as good as I think we'll need in a long time, until we get 3D

I'm sure the next console will probably have close to PS3 or 360 graphic quality. As long as it doesn't get in the way of future Zelda game development, I wouldn't object to a remake on a future console.