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I'm expecting Z, but I'm going to reserve final judgement until I've played the game and seen what kind of story we're working with. I think it would be a neat idea to combine what they did last gen with the typical idea. Make it an improved version based on what the fans want and elaborating on the story more, but also make it a sequel. Change up the gym leaders/E4 if needed, toss in some new formes/megas (can do this with backwards compatibility now thanks to 3DS and game updates), fine tune the system a bit, but set it a few years down the road and give us a second quest. It's entirely possilbe that's what will happen. I'd actually love that. If they absolutely have to make two versions though, call them ZX and ZY to denote that they're not just rehashes with a few different things but fine-tuned and retooled versions of the game that happen to be sequels.
That said I'd not be surprised to see this plus RSE remakes, considering gen 4 got Platinum AND HG/SS. The only issue there is that Ruby and Sapphire had similar plots with teams swapped depending on version, while Emerald was VASTLY different, so unless they plan on doing all 3 of them it might be difficult. Maybe they'll use the Emerald version of the story but rework it slightly favoring one team over the other depending on version? Hard to say. That's the only reason I have trouble thinking that they'd do a remake of RSE.