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A 2014 release is obviously preferable, but 2015 is acceptable. That would be no more than about 4 years after Skyward Sword, and Zelda U ought to be one of the bigger jumps in series history, not an expansion pack ala Majora's Mask that can be rushed out. Remember, Ocarina of Time came out in 1998, Wind Waker in 2002, Twilight Princess in 2006, and Skyward Sword in 2011, so four years seems to be the standard dev cycle for modern console Zelda games.

Besides, 2014 has plenty of already announced big sellers and will doubtlessly have another game or two to fill up the library later in the year, so finishing it immediately is not a priority. If Mario Kart, Super Smash Bros, Donkey Kong Country, and a bunch of other games can't sell the Wii U in 2014, Zelda is not going to help THAT much.

That said, 2016 would be too late, unless the game is really THAT amazing and can sell lots of Wii U's at such a late date. Considering how unlikely I think that is, Holiday 2015 should be the de facto due date.