After reading that Twilight Princess was to take place between Ocarina of Time and Wind Waker, I hoped Link would die at the end. Once the art of Zelda holding the sword was released, I thought it would be awesome if 3/4 through the game you fight Ganondorf, assuming it's far enough into the game to be the end, and lose. Then, you'd play as Zelda for the last part of the game to tie up loose ends. I've always advocating killing off either Link or Zelda and killing Link made sense to explain Wind Waker's world.
The problem is that Nintendo has no balls. Twlight Princess was filled with opportunities for Nintendo to expand on the history of the world and experiment with the story. I think if Nintendo really wants Twilight Princess to be the last Zelda of its kind, they should go all-out, make significant changes. Although not necessary, I would like to see Nintendo reboot the franchise and start from scratch. What if, for example, the player never actually meets Zelda? She is simply part of a legend and mystery that the player must piece together and unravel. What if you didn't play as Link? What if the story of the great hero Link exists in the world, but he's believed to be just a story? The plot could be entail who the real Link and Zelda were, what they fought about, and how it was all forgotten by the world.
Whatever Nintendo does, I hope they take a stance on the story. How important is it? Zelda is, first and foremost, a game and I want to play. I want interaction with this world. They should either hire writers or shorten the cinemas. I don't want to be taken out of the game for an unengaging story. I'd rather they simplify the storylines and keep me playing.