The Legend of Zelda is an important series, but it's not the most important series in Nintendo's portfolio. I don't think a Zelda-release in 2015 will do that much harm (compared to a release in 2014). What could do much harm though is to rush it to market, and not meet consumer's extremely high expectations. Nintendo not only needs to meet expectations with this game, they need to excel expectations.
Let us assume Nintendo manages to get quite a good sales momentum in 2014 with Mario Kart 8 and Super Smash Bros. Then Zelda is needed badly to maintain that momentum in 2015 and into 2016.
I believe we will see Super Mario U-niverse (spiritual sequal to Super Mario Galaxy 1 & 2) in the first half of 2015, and the next Legend of Zelda in Q4 2015.
Nintendo have lots of other franchises to revive in 2014, to help Donkey Kong Country, Mario Kart and Super Smash Bros keep a strong interest in Wii U. Why not a new Star Fox? F-Zero? Pilotwings? Kid Icaros? Eternal Darkness? Metroid? Punch Out? Startropics? I think we will see at least one of these games in 2014.
I wouldn't rule out a HD-version of Twilight Princess though for Wii U in the later half of 2014.
Either
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