No. It really isn't.
Like books, music or films, games being re-released is a good thing. Why? I'll tell you. Unlike a book, which can be read anywhere, or a film, which can be watched on any player that supports the format -- ditto to music -- the only way for gaming history to retained, modified, updated, refreshed, and kept relevant is to keep releasing the content. There's a whole slew of games lost in time because they haven't been re-released and the only way to play them again is splurging on ebay or pirating. In fact, piracy has kept gaming afloat more so than the companies. Who cares if a company releases an old game? It's only ever offensive if it's like the recent lazy Super Mario Bros. All Stars wii port, and Zelda: OoT 3d is hardly on par with that abomination.
This is the first stand alone release of Ocarina of Time since the original release in 1998.
In which case, shut the fuck up.