The vast mayority of gamers don't want Zelda anymore, they could make it with the Fox Engine with Johnny Depp making mocap for Link the game wouldn't explode in popularity, Zelda is not that big of a deal anymore.

Dark Souls, Elder Scrolls and many other have surpassed the Zelda series in nearly every way possible.

Also, while the artstyle certainly helped, the main reason Twilight Princess was such a huge hit is because it was a Wii launch title, it was essentially the only game worth getting for the system for the first months, had the game came out in 2011 instead of SS it wouldn't have had the same level of success as it did.

Twilight Princess released at the right time, nothing more, nothing else.

Well I was obviously there too (I was even on this site), and I remember all the hype it got and its art style was the primary reason.

The sales of the Wind Waker caused Nintendo to scrap the idea for The Wind Waker 2.

http://www.nintendoworldreport.com/feature/13087/eiji-aonumas-gdc-2007-presentation-the-fate-of-wind-waker-2

"As some of you know, at E3 2004, we unveiled the game that would become Twilight Princess, the realistic Zelda game, and we announced that it was developed by the team that had been developing Wind Waker 2. 

[...]

I asked NOA why this was. What I was told was that the toon-shading technique was, in fact, giving the impression that this Zelda was for a younger audience and that, for this reason, it alienated the upper teen audience that had represented the typical Zelda player. Having heard that, I began to worry about whether Wind Waker 2, which used a similar presentation, was something that would actually sell.

That’s when I decided that if we didn’t have an effective and immediate solution, the only thing we could do was to give the healthy North American market the Zelda that they wanted. So, at the end of 2003, I went to Miyamoto and said, “I want to make a realistic Zelda.”

Nintendo of America was right - Twilight Princess was a smash hit of epic proportions. However, Nintendo was in extreme denial about Wind Waker's graphics: "I was still convinced the reason the Wind Waker did not perform well was because of its toon-shaded graphics style. It was something that you either loved or hated, and there was nothing that we could have done about it."

Mr. Aonuma comes up with all kinds of excuses about why The Wind Waker failed, such as it having complicated 3D gaming. However, Ocarina of Time had complicated 3D gaming and was a hit, same with Twilight Princess (and that added motion control too). TP was safe in its direction - but it was a very successful direction.

Twilight Princess had amazing fan feedback: http://www.zeldauniverse.net/features/30-minutes-with-eiji-aonuma-the-zelda-series-director-on-building-and-shipping-one-of-gamings-biggest-franchises/

"Hmm… I think the project that reflects our reaction to fan opinion is probably Twilight Princess. The incentive for us to create that different version of the Zelda universe was certainly as a result of The Wind Waker criticism that we received. Fans were saying that it wasn’t what they were looking for, it wasn’t what they were hoping for, so that’s why we went with this different graphic presentation. So I think that’s probably the one, the biggest change that we made.

I still remember eight years ago at E3 when we ran that first video of Twilight Princess. It was received very well; there was a standing ovation! So I still remember that moment very well."

I can't believe I am arguing what is a well known fact lol.

http://www.eurogamer.net/articles/2013-06-14-breaking-the-link-to-the-past-zeldas-eiji-aonuma

Eiji Aonuma stated: "It was certainly a new graphical presentation – the Zelda world with its toon-shading, and also the younger, smaller Link. We heard the opinions of those Zelda fans that were somewhat critical at that time. They were saying that they didn’t want it, quite frankly."

Even though he ADMITTED fans do not want those graphics, he's still trying to push them. It shows just how lost in touch Nintendo is.

So pretty much it comes down to Nintendo KNOWS that non-realistic Zelda's sell worse, but they are in EXTREME denial about it and still trying to force it on us. We keep rejecting it: Wind Waker HD was a flop, while OOT 3D was a hit (by the way - when OOT 3D came out the 3DS was NOT popular like it is now). 

The facts are clear: The fans want a realistic Zelda. Notice Skyward Sword nor Zelda Wii U set the world on fire, but then compare it to the reactions to Twilight Princess' reveal. That's enough evidence right there. Otherwise you're in denial.

Cute/cartoon games are in decline virtually across the industry. Grey and brown M-rated games are the new mainstream.

First off, the Lord of the Rings thing doesn't fit here. The cartoon movie wasn't even good to begin with, and it wasn't because of its "art style".

Second off, Souls has not replaced Zelda. I don't even need to go into why, because the answer's obvious.

And once again, you're discounting people like me, who don't care about the "realism", and just wanna freaking play another Zelda game. 

Twilight Princess was getting a ton of hype even before its Wii reveal.

There's so much time between Zelda releases that it can really be compared to games that could release two titles before Zelda can release a new game. It may be the reason that other, quicker to update rpgs could take its place. 

Hype != Sales

Especially for 2005-2006 and being a GameCube game when the GameCube was dead and buried.

What about the rise of indie games? Cute games ARE the industry. Except to the large companies that can't afford to take risks. 

Mainstream audiences don't matter when there's already millions of Zelda fans out there. Any future main Zelda game will be successful because of these fans, and any newcomers that happen to come along.

To be honest, I don't even know what I'm arguing about, and why I'm arguing in the first place. I have my beliefs, you have yours, blah blah blah. That's what it all boils down to. 

Zelda TP for the GameCube actually sold very well.