What Legend of Zelda needs is a big refresh.
Setting: Wouldn't be near to modern day, but should be few hundred years from current LoZ, like the renaissance and times when they have just introduced muskets so only a few elite Knights of Hyrule have them.
Link: Link should, of course, be the main focus of the game, but he should start out younger then TP (not as young as OOT) and end up around Fierce Diety's age. He should at one point lead a section of the Hylian army against some other army in a huge, epic battle. And when potraying Link and his expressions and such, he needs to always have that sense of emmense Courage and Bravery (due to the Triforce). He should never be frightened or unwilling for a battle. He always keeps a clear head, and is always on top of things whatever may came his way.
Ganondorf: Some people say to get rid of Ganondorf, but i think we should see more of him. In this Ganondorf should be reincarnated and around the same age as Link. We could get to see how Ganondorf grew up and had some sort of change with the Triforce of Power and see more of his emotions and life and if he truly is evil. Show what it's like to grow up for Ganondorf and his connection with the Triforce and the Goddesses. They should have parts where Ganondorf first realizes the power of the Triforce of Power and then uses it to brutally annihilate something/one and then be currupted by the power.Show why he's the true main antagonist.
Zelda: She's the ruler of all Hyrule. Make her more important, give her a bigger role. Not just "Link save me and/or Hyrule and maybe i'll help you out in the end". She should always be wise, alsways knowing what to do, even though at times she may not be able to accomplish the tasks herself.
The Game needs to be very epic, have a feel of a huge world to explore and traverse in. The battles with the Army need to be epic, the parts when your alone with Link need to be very challengin, the Bossess need to Huge and Hard, and the story needs to be deep. Voice acting is a must (no need to make Link speak at all, ever) and improved AI is needed too. It would do good to make the towns bigger with more people to talk to and stuff (doesn't matter what crap they say, but it adds to the epicness), and there should be tons of sidequests. 1:1 controls (or as close as) would be a brilliant addition, and when using the bow, we need the precision of Prime 3, or even better. And finally, riding with Epona must feel like an awesome adventure riding into a world with adventure.
This isn't impossible people. This just takes the care and time that Nintendo normally puts into thier main games.