Start with this as a premise:

i) Ganondorf does something bad
ii) Lures Link into a trap
iii) Link ends up in some form of time/space portal...

...which takes him out of Hyrule completely, and dumps him in a completely different game environment/world.

What world would you like to see him in?

a) Time traveling Eternal Darkness setting
b) Resident Evil virus outbreak setting
c) Futuristic Halo/Mass Effect planetary war
d) Journey to the centre of the Earth setting
e) WWII scenario

The Zelda series needs a complete change of scenery. Hyrule has become predictable and stale, and needs a solid injection of original content and ideas.

A complete change of setting would provide the basis for new objects, new puzzles, new characters - and a lot of fun.

The flooding of Hyrule - ftw

Yes I think shams has got this game by the cochones, we need something new yet oldschool, sure lots of Zelda fans will be "Oh NO it´s Windwaker all over again" some say Windwaker went to far, I say it didn´t go far enough.  I´m with Soriku on that option C is the most compelling setting.

You could have a futuristic Zelda without loosing the original Zelda feel. Just like the X-Men animated series (which I love) you could make great futuristic scenarios, like Link and Ganondof fighting agains a greater evil, Link gets a Lightsabre and a Space-bow.... it could really be something special. Unfortunatly I don´t think Nintendo will go that far, even the Zeldas that played outside of Hyrule where really very classic in theit setting.

Still I´m very optimistic this will be a brilliant game, a female Ganondort (or maybe his evil/good sister sound very promissing. 

Since LoZ is actually an RPG well......... it should a turn-based RPG or an action-based RPG!!!

What if link dies prematurely before the prophecy is fulfilled and some new hero is forced to take the burden of becoming the new hero of light.

i'm constantly surprised at people turning their backs on WW graphical style, i think it looks better than TP.

i liked the idea of a war soriku, it's never really a proper war in zelda, just link versus ganon+hoards, most of the other characters are oblivious.
i was particularly annoyed at those 4 freedom fighter types in TP when they helped in hyrule castle... i just thought "is that it. could at least help with the final fight"

One thing I DO NOT want is a time shift. There are many ways to teach some new tricks to this old, granted majestic, but still old dog. In my opinion, just putting it in a different time setting would be no better than redoing Hyrule while still keeping the same quest system. I love the Medieval art in Zelda and I don't want to see them completely abandon it. I think a war in Hyrule would be amazing and would certainly change the basic concept of the game. It would also allow for different styles of fights besides the usual mob of small monsters, a few medium monsters, or one big monster coming at you. Plus, you could also have multiple endings that could result in different outcomes of the war and could affect the relationships that develop throughout the game.

Some of the easiest changes to make Zelda better are to 1)make bosses harder (three and out is way too easy) and 2) make the items you acquire used more than just for the dungeon you find them in.

1. definitely don't change the setting of the game. completely changing the setting would be terrible and would completely take away the fact that it is a zelda game. nothing wrong with reinventing hyrule or something that at least stays close, not every zelda game is set in hyrule afterall.

2. much harder bosses and enemies in my mind is THE most important thing, that is the only bad thing about the zelda series since it hit 3d, enemies way to easy. i'm playing through a link to the past right now (somehow i never played it before! i know that is insane) and its definitely harder than the more recent stuff. next zelda game would benefit greatly from being the hardest one in the the series.

3. more options for weapons and items would be nice too perhaps.

4. nothing wrong with taking a page from some of the rpgs these days that are having things you do in the game actually effect the outcome of the story/plot/ending/the way you play the game. i guess a less linear path.

5. lastly, ground up zelda needs what we all thought of and have been waiting for since the wii controller was first announced: 1 to 1 motion controls. being able to swing the sword in exactly the direction you are swinging the controller and having some great enemy AI so that real awesome sword fights are possible against enemies with weapons: blocking blows, looking for openings, knocking the weapon out of their hands by hitting them just right on the arm or something. if the wii is really capable of 1 to 1 motion this game NEEDS to have it. if not, then at least as close to 1to1 as possible with the current technology. definitely needs to be a lot better than just the A button being mapped to flicking the controller.

also i really like the idea of a war. say a war torn and ravaged hyrule with the oppressed hylians looking to Link as the hero that will lead them. i first thought of that idea back when i first played ocarina of time and boy that would be awesome.

I actually loved the cel-shaded Zelda.   I thought Wind Waker was better in alot of ways.  Whichever they pick, I don't really care, because it will be amazing none the less.

I want to see the return of the "Great Fairy Sword". That thing was sweet. And let's see the future of WW. No Cel-shading, I just want to see them make the new Hyrule.