Ya know, I don't think Nintendo is that worried about people in Japan loving Zelda. The Phantom Hourglass has been smoking hot over there and while I'm sure Nintendo's disappointed about TP, I don't think they're making a Zelda spin-off to redeem themselves--especially making one at a budget price.
I have to agree with the folks that point out that none of us know what the game will be like. It probably won't be over the top great but it might be fun. You don't know, so don't be so quick to judge.
Finally I gotta say that if all of you hate the idea of a Zapper and a pack-in Zelda shooting game, you shouldn't be nay saying and predicting doomsday. All you have to do is not buy it. 'Nuff said.