I sure hope so. But remember back in the early 2000's where we got an amazing tech-demo depicting an EPIC 1-to-1 sword fight with Link and Ganon, setting expectations high for a new Zelda game for the Game Cube with stunning visuals, but instead, we got the Wind Waker? I have a strange feeling that Zelda U is going to be similar. We got that BEAUTIFUL tech-demo at E3 a few years back, but I feel we're going to get something totally different. I'm sure it'll work, though.
(For the record, I'm not one of those people who bash Wind Waker for it's cutesy art style. It's actually probably my favorite art style in the series, and I absolutely adore it)
The reason they switched to Wind Waker's art style is because they found it difficult to work with the graphical style that was used in the techdemo. With the graphics starting to look more "realistic", it was a lot harder to make environments or objects that didn't stick out like a sore thumb or fit the rest of the art, simply because they weren't used to it. Twilight Princess coming out later does prove that they were working on it and just needed more time to master the style (it also turned out looking different from the tech demo, not sure if in a better or worse way, but TP still does look really nice)
Also, sure they could pull off that graphical style on the 3DS, that TP-esque mock up... and who's to say it wouldn't lag like crazy? Because it probably would.

