Miyamoto also said Zelda was deep in development and is targeted for a 2010 release. The reason it wasn't shown is because Miyamoto isn't sure if it will hit next year-they don't want TP style waiting times for games.
Official confirmation should come later this year if it's a 2010 title, or next E3 if it's a 2011 title. Either way, I'm looking forward to it.
Also, TP was delayed from an 05 release to an end 06 release so a Wii version could be made and launched alongside the Wii. At the moment I'm hoping Zelda Wii will be a 2010 title.
Oh, and for those dismissing the single piece of concept art-Miyamoto said it was very important and contained some story elements.
EDIT: Oh, I predict a teaser at TGS this year or GDC next year, if Nintendo have a keynote at either one of those.
