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.