Back in 2008, Iwata gave a vague and near-useless "reveal" that the Zelda team was working on something after Twilight Princess' release. Finally, at E3 2009, Miyamoto gave a more concrete confirmation of another Zelda for Wii during his roundtable discussion. He gave very little info other than these tidbits (gleaned from
Jonny Mett's writeup):
-Players will again control Link to explore dungeons on his next adventure.
-The game will be released in 2010 at the earliest, though 2011 is more likely.
-The game will use Motion Plus, and may even require it (will this depend on how well Wii Sports Resort and MotionPlus sell?)
EDIT: Miyamoto has clarified in a
Wired.com interview by saying the goal is to make Motion Plus "required."
-The archery and swordplay controls from Wii Sports Resort may give a good indication of how some of the new Zelda's controls will work.
No footage was shown, despite Miyamoto's hopes that something would be ready for the show. There was, however, a piece of concept art, which was not supposed to be captured by camera (but of course was anyway in very blurry form (EDIT: excellent quality image nabbed!)):

The next day at E3, Miyamoto had an
interview with IGN and revealed that this new Zelda would not be directly connected with Twilight Princess. He also made sure to point out that Link is carrying no sword in the image. Interesting...
All sorts of speculation has been going on ever since on several threads throughout the site. What say ye all we do some consolidatin'? Bring your new Wii Zelda ideas / hopes / doubts and any further updates or rumors here.