I'm really blown away by not just the graphics, but the direction, art style, and music are particularly outstanding.
The trailer has the kind of cinematography and direction we've rarely seen in console games. There's story progression and highs and lows. I just love the art style. When I watch one of Square's CG epics, despite the visuals being unreal the stuff feels lifeless and robotic. Somehow this feels so much more real and has a lot more warmth even though it doesn't push billions of polygons trying to be perfectly real. I mean, they completely nailed the art style. The mis-en-scene is tremendous, there's all kinds of elements that set the mood and emotion of the scene.
How about that Wind Waker engine? It really gives the Twilight World a freaky effect, especially how they combine some of the cartoon characters with the dreary black and white background and the realistic characters
I love the orchestral score... it really sounds amazing. I love all the variations on the classic themes. This really sounds like an old John Williams Score, back when he was in his prime. If it's true the game is all orchestrated, I'll be very very happy. Heck, sign me up to preorder the soundtrack CD now.
Overall, it has all these great cinematic qualities that we've never seen except in flashes from Nintendo. Combine that with the sure-to-be-great gameplay and you have something that should be quite incredible. They seem to have successfully combined what was great about all the Zelda games, and came up with lots of new ideas for this one.