I know it will come to the VC eventually, but I think the delay on it, or any other N64 game for that matter is the storage problmem on the Wii. The N64 games take up a lot of memory blocks. Once you can save directly to an SD card, they'll probably release more N64 games.
I personally missed playing Majora's Mask, even though I was around for it's original release. I unfortunately got swept up in the reviews of the game at the time saying it wasn't as good as OoT, and I decided not to buy it. What a mistake that was... I'm ashamed I passed it up. I did end up playing a bit of it on the Collector's Edition that a relative had, but I never actually played the game the entire way through.
On a somewhat related note, (Although this paragraph might be better suited for it's own topic...) while they won't bring any GameCube games to the VC, I really hope they make TWW a New Play Control title. Even though I own the GC version, I'd buy it again in a heartbeat to play it with TP controls and have it in true widescreen. I imagine that would be a gorgeous game to see on a widescreen TV, even with a bit dated graphics.