Yeah, Wind Waker looks unbelievable in 1080p, so a ground up Wind Waker HD with assets made to exploit stronger hardware would be jaw dropping, but in terms of sheer wow factor on a mass market level Nintendo would be better off going for a Twilight Princess art style, not unlike the tech demo.
Reason being that it's simply the best point of reference for what new hardware can offer the series. Twilight Princess is the best looking Zelda we have in that style. And it has muddy textures, practically now shaders, pretty simple lighting, and by comparison to modern games very low detail. I seem to be in a minority that thinks it still looks pretty great, but that kind of art powered by stronger hardware will look
significantly better.
It would serve as a great side-by-side example. The Wii U tech demo, which was only using touched up Twilight Princess assets, is an excellent example of why.
Because anti-aliasing is taxing. A lot of work is put into researching more efficient AA methods that don't butcher hardware or the image quality, because of how beneficial it is to the look of a game.
Way back when, the only AA we had was supersampling. Supersampling is the best and most taxing AA around. MSAA replaced it. It doesn't clean up the IQ as well as supersampling, and it's still pretty taxing, but nowhere near as much as SSAA. There's other types of AA, but FXAA is the biggest fad. It's a post processing anti-aliaisng solution. Some like it, but I fucking
loathe it, because it introduces really, really obvious blur (in my opinion). SMAA is like FXAA but much better, I think. And now, on nVidia's new 600 series of cards, they're bringing in TXAA, which looks to be very efficient and very effective AA.
Simply put, if the Wii U is steering closer to 360/PS3 performance range (yes, stronger, but in that field), I don't expect any effective forms of AA. I'd love to be surprised, but yeah. I expect jaggies.