Zelda games always took a lot of time and people to develop, nothing new. This kind of games is one of the reasons many still believes in Nintendo quality.
Ocarina of Time has a long development, too. And was worth? Yes. Not only for gamers, but also for the company itself 'cause they have a base for future games (MM, TWW, TP). That's what they want to do, create a new base for future games.
Skyward Sword will be different (at least is what they want to do) and maybe the next games will be like this one.
BTW, I'm interest to know what "could have be done" with those resources as you pointed on the OP.
Proud to be the first cool Nintendo fan ever
Number ONE Zelda fan in the Universe
Prediction: No Zelda HD for Wii U, quietly moved to the succesor
Predictions for Nintendo NX and Mobile
