Not to seem like I'm drifting from the topic here, but really I find Ocarina of Time and Twilight Princess to be mediocre games, they both go along the same principles that were first introduced in A Link to the Past. That's why Majora's Mask is a better game over those, because it strayed from...
No, it most certainly would not have been as revered as it is being a 3D game, than if it was a 16 bit 2D title. Why? Let's face it Ocarina of Time is, more or less, a rip off of A Link to the Past. The whole basic plot is practically the same, so it would be like having two of the same games...