I watched the first 40 minutes of gameplay. Didn't mind spoiling anything for myself since a) I probably won't be able to play it for a while, until i can get my hands on a Wii or Wii 2 and b) The intro to a Zelda game always really psyches me up more than spoils anything, and here are my thoughts.
Pros, it looks fantastic, really great graphics and they impress me a lot more than any trailer or vid has done for me so far. Even the blurry, oil painting look that i thought was a bit iffy looks great. It's like, whenever you stand perfectly still, the whole screen turns into a Van Gogh painting, really cool. Also, the flying segments looked great, I couldn't get over how detailed the birds movement was, with all the feathers flapping etc. Really nice for a Nintendo game. Also, story seemed cool, although a LITTLE bit too Zelda DS, but I had a pretty strong feeling that would diminish once you get into temples etc. Also, the instant sense of nostalgia etc was great, the game just seems to ooze charm. Funnily enough, it really, really strongly reminded me of a Hiyo Miyazaki film, which is a great thing in my opinion.
Cons, and this could get some criticism from some of you, but I really think there are some ways this franchise needs to grow. I understand the tropes and traditions of a Zelda game, but some of those text boxes got really, really tiresome. I don't mind the lack of voice acting, but I think they could really make a concerted effort to make the dialogue a lot more interesting. There was so much "Oh, hey Link. How are you? Look over here and press this button! Now you can climb up boxes! Now do this!" I think games have developed beyond that point, and it's not a graphics thing, but just in sheer game design, it made all the tutorial stuff just look and feel like such a chore. You don't need to hold gamers hands so completely.
Also, with the cutscenes themselves, I think this might be the last game they can get away with out having voice actors. I understand the concept of the Zelda games having that charm of sound effects and text boxes, and I loved that in past games, don't get me wrong. I STILL have fun doing impressions of the man-fish from Windwaker that used to pop out and go 'Kehhhhhhhhhh' when the started talking to you.
But this game, the characters don't just stand statically with funny faces like they did in past games, they actually speak with their mouths flapping to the words and gesticulate and everything, allowing time for the words to be said, which I don't think has the same charm at all. It only just highlights the fact that there IS no dialogue, which I think is a weakness. I think for the next game, they need to pick one or the other, no dialogue with old school character animation and presentation or voice acting. I'm fine with my Link responding with just a head nod, or an open mouth stare like Windwaker, because that WAS cute and charming, but 'wavy arms flappy mouth' Link just doesn't have the same effect for me.
Also, minor nitpick, but it annoys me a little how the sword is SO responsive, that it makes Link hold it in awkward places when he's just running. He looks a bit dorky when waving it around his head and everything. I liked it in TP when he'd run with the sword by his side as a default.
Anyway, just my feedback. I really did love the look and feel for the game overall. It made me realise how much I would LOVE a Hiyo Miyazaki Zelda film :P