Nintendo is returning to A Link to the Past, but it by no means is a 3D remake.
Reggie Fils-Aime, COO and President of Nintendo of America, announced at the end of the Nintendo Direct video that the company is working on a brand new Zelda game set in the A Link to the Past world and will be a whole new adventure for players to undertake.
The game will be a top-down game, similar to the original, but will be rendered in 3D. Many key elements from the first title were showcased such as hitting switches to lower blocks and hammering in pegs, but new additions were shown such as being able to hit a giant peg with a hammer that lowered it and then having Link stand on it to launch him to a higher level once it popped back up.
Also shown was a new power that Link possessed that allowed him to turn into a 2D drawing that could traverse on walls to reach new areas that appeared unreachable on the 3D plain. This power is key when trying to solve certain puzzles and escaping some areas.
The game right now has no official title, but is expected to arrive on the 3DS this holiday season.