One idea that pretty much everyone is in love with is the Holodeck. Would I want to play a virtual reality Zelda game? **** yeah! But thinking about it there is a limitation there that also affects motion control.
In videogames you fight a lot of enemies, like a whole army's worth, by yourself. No one could ever do that. The amount of sword fighting Link does in an average Zelda game is so huge, the guy would have to be a god to not die out of sheer exhaustion. If you put that amount of fighting in a movie people would laugh at how ridiculously over the top it is. This would effect motion control or any real form of virtual reality.
In real life any fight with enemies would be notable. A day in your adventure where you have to sword fight two guys at once would be a high point, instead of routine. To truly have motion control sword fighting work well, each fight would have to be a big deal and after winning the player would not encounter another enemy for at least a good hour of playtime. The way to make it work is for sword fights to be rare, memorable, challenging and rewarding. And they have to have an incredible amount of precision so that you HAVE to do big swings and your actions do something. As Chozo mentioned if you're just flicking your wrist what is the point? Why is that fun? Where is the appeal in "shaking" instead of a button press?
This design I propose would have to result in a major change in the mechanics of how Zelda works. The idea requires a de-emphasis on enemy encounters so more of the game has to be taken up by puzzles and exploration. Do Zelda fans want that? It would better fit a new IP while Zelda sticks to using buttons, while offering waggle for those that want it.