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Just as many predicted, the next game in the Legend of Zelda series will more than likely hit in 2010..

Miyamoto had these words to say on the matter of Zelda:

 

“I’m really not sure when we’ll be able to make a public announcement on that. I can’t even say if the next E3 will be the right opportunity to do so. But rest assured, our teams are working on new projects right now.”

Link: http://gonintendo.com/?p=66467

 

If not at E3 then perhaps at the October conference? In which case it would be too late for a Q4 2009 release and it would be gearing up for a mid 2010 release which would make a lot of sense and actually be desirable as it gives developers longer to re-imagine Zelda properly..