I don't think too many people would complain if they got something that looked like this:
A Top-down Zelda that was given true AAA effort and a grown-up look could be something beautiful and amazing. And since the original Zelda is still one of my favorite games of all time, I would be happy.
That said, I think what Aonuma is saying is that they can use 2D elements in the next Zelda - but it will still be 3D. I'm really hopeful of this. I've said for some time that Zelda could learn a few things from the Batman:Arkham series. In particular, Batman allows a switch to a bit of a semi-locked camera top-down view for combat with a large group of thugs, and can zoom out and lock the view for certain boss battles. I think this allows for better control and more action-intensive scenes. I'd love for Zelda U to, like Batman, maintain the 3D for exploration and allow that feeling of immersion, but also allow for some 2D elements for gameplay. I'd like to think this is where he is going with this.
I often actually use the dual analogue system in WW:HD to flip the camera overhead while wondering the overworld, and I really like it.
Also, I think Nintendo switching gears and skimping on this Zelda is extremely unlikely. Aonuma gets a great deal of free reign in making his games. He'll do the game he wants and take as much time as he wants. It will cost a lot and have a lot of effort put into it, regardless of whether it is something we want in the end.
