I'm afraid my first impression from the latest trailer is... how boring.  I was initially excited that Motion+ would be used for combat, but it doesn't seem very exciting the way they implemented it.  There's a sentiment among some that Zelda has become too much of a puzzle game the last decade; well this looks like puzzle combat.  Where's the feeling of 'kicking-butt'?  It's slow, and it's like you're following a conductor - slash this way, pause, now slash this other way.
As for the graphics, I was satisfied with what I saw at E3 last year.  But I'm not feeling some of the textures used, for example, the brick walls.  Everything seems to blend too much.  Hopefully this is simply a result of the video quality.