I think in regards to inventory and what ideas can be done with Motion+ I think Nintendo should not feel obligated to putting in the same items again and again. I would say shield and sword are the only two that need to be there (and maybe the sword isn't even in this one). Even really familiar items like the boomerang, bow and hookshoot should be considered optional. Nintendo should not feel the need to put these in just to meet Zelda "requirements". Just brainstorm some cool ideas and some create items to wrap these ideas around. And if this means the traditional items are there or not it shouldn't matter.
What truly defines Zelda? What do you need to ensure that Zelda still feels like Zelda? I say the game has to have an open expansive world you can fully explore. It's not a level based game for example. All interaction is in real-time. "Power-ups" that you find are permanent. Not all characters you encounter are enemies and not all areas pose a threat (a major difference from Metroid which is like one huge Zelda dungeon). There is a combination of puzzle solving and action, not just one or the other.
With that definition of Zelda there is a LOT that Nintendo can do. So they should take that into account and not feel that they have to include this or that to please the fans. If Link's Awakening can exist and be quite popular without Zelda, Ganon, Hyrule or the Triforce in it then Nintendo doesn't have to treat each game like fan service.
So they should go for broke. I just want them to promise to make the best game they can in a reasonable time frame and budget.