I have been thinking for a long time that it should be ported or remade on either the Wii U or Nintendo 3DS. Some of you are complaining that it's "too soon," but I'll explain why I feel this way momentarily.
You see, in the past few years, it has become possible to play every current or past Zelda game (at least the official series) on the Wii and Nintendo DS or 3DS, if you really wanted to do so. There are really only a few games (aside from the rare/obscure games) that still cannot be played on a modern system. Those are the Oracle games, and Wind Waker. Majora's Mask is available for the Wii Virtual Console, although some people still want a remake of that.
Wind Waker was a fairly overlooked game back when it was first released, because so many people were opposed to the cel-shading and didn't appreciate the beauty of the anime-like style. On top of that, the game is no longer in production, meaning you have to hunt down a used GCN disc in order to play it. This hasn't been a serious problem up to now, because the Wii is capable of playing GCN games. Let's not forget that the average console cycle was 5 years, but that the Wii is approaching 6 years. It's been longer since WW was last produced than it seems like.
However, that situation will change with the Wii U. It will keep the Virtual Console from the Wii, presumably, but it will DROP backwards compatibility with the GCN. It will still be backwards compatible with Wii games, however. That means that there will be no way to play Wind Waker on a modern system, and people will have to hunt down both an obsolete system, AND an out of production disc. Discs are actually less durable than cartridges, so every day, there are fewer and fewer intact copies of the Wind Waker. Twilight Princess doesn't currently face this problem to the same extent, because it already has a Wii version, and it's just barely 5 years old.
Now, I don't care if it's a port or a remake, or whether it's released on the 3DS or the Wii U. I just think this game deserves another chance, a new release, just like all the other Zelda games have gotten. Remember Wind Waker is not that much newer than Majora's Mask (only about 2 or 3 years), and unlike that game has never been re-released in ANY format. And more than a few people want to see an MM remake.