3D effects or not, I still say that THIS is more like it! Now don't get me wrong, Ocarina and its offshoots are fine games and all, but there's just a certain magic that the older top-down Zelda games had that I felt the more contemporary ones lacked, y'know? So I'm definitely looking forward to this one.
And while I know it's even more unlikely, I hope Nintendo makes another sidescrolling Zelda game similar to Adventure of Link, high difficulty and all.