Link's Awakening and Wind Waker are both my favorite Zeldas. In addition to the incredible Zelda gameplay, they've got the style, content, and originality I prefer to the others. Behind them comes Majora's Mask and Link to the Past, then Ocarina of Time and the rest. Minish Cap maybe between Lttp and Ocarina of Time. I've beaten every one of these games, and I love them all, and in roughly that order.
Cel-shading fits Zelda so well, I think, though realism does too. I like how they've done both, and I hope they continue to. I think Majora's Mask and Link's Awakening both could look really great cel-shaded, just the style (of story, gameplay, etc) they're done in.
Great new details, too. It's interesting to hear that not everything is going to be orchestrated, which is what I thought. It'll be cool to hear what it'll be like, finally. So far I really, really like what I'm hearing.