2011+ easily. You can't 'reinvent' Zelda in under 5 years. Plus, even if they had started production when the Wii came out, production would have been stalled by the many other games the members of EAD oversaw and directly worked on.
Also, I still say this game is going to be a mixture of First and Third person Action/Adventure using Wii Motion Plus. Think a mixture of Metroid Prime and Twilight Princess, with free switching between first a third person.











