Like some others have said, If I were the game director for Zelda I would make the game all about the world, ala Zelda 1, Zelda II, Fallout 3, Skyrim. I would try to create a mainly nonlinear world with many places to explore. The game would have a stylized, colorful look closer to ALttP, Okami or Prince of Persia 2008. I would keep it light on the grays/browns and heavy on bright colors, like a watercolor painting. The game would have a leveling system like Zelda II, without scalable enemies. Like the first two Zelda games you would be able to go to parts of the map where the enemies are way over your head, but maybe you come back later and they are weaklings. To keep a traditional feel a few zones of the map would be blocked off requiring items/magic to pass.
I know this is just a pipe dream, but this is where I would take the franchise.
