I want to see it go back to Link to the Past days. Combat all over the place, far fewer puzzles, and an adventure that is constantly moving forward. 3d Zeldas have been a boring slog, including Ocarina of Time.
Maybe it's my primarily NES/SNES roots talking, but to me LoZ was always about exploration and action, not puzzles.
Edit: Also, agreeing with the previous poster. The less story and the less cutscenes the better. Let the world itself tell the story.
Also, a 1:1 swordfight with Ganon would be great, especially if they went all crazy and made it Episode III Anakin vs Obi-Wan epic.
3rd Party Wall of Shame
http://www.nintendoworldreport.com/forums/index.php?topic=30478.msg581036#msg581036