*thinks of FF: The Spirits Within, shudders*
I don't see Nintendo getting too into the graphics of it all. Sure it will run at 60 spanking frame per second, but the style will not be ultra-realistic. Zelda has always been playable for young and old, so they're not going to alienate their main market.
There, I said it .
*gets flame-retardant suit*
Ok, moving on. By the sounds of the comments, people want a jaw-dropping Zelda which is photo-realistic. I say no. WW made my jaw drop because it was a cartoon brought to life. OoT made my jaw drop because of the bosses, and the epic final battle with Ganon/dorf. MM didn't make my jaw drop until the final battle, but it was definitely a thinker's game, and exploring the world of Termina was very rewarding.
In summary, if Nintendo were to read this post, I'd tell them: "Ignore the critics. Keep doing what you're doing."