LoonylionPossibly, it depends how much of the N64's capabilities are used and what techniques are used. It's not likely that they will; the chances of the remake not doing the original justice are too high.I Disagree with this considering how well Mario64 was done.
The gameplay is just as good if not better than the N64 one and it has more features as well.
I Think if they did release OOT that it would be a really good game and they would make tons of cash on it.
That being said i think it's too late in the DS's life to expect some major remake like that until the next incarnation. (counting DSi)