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I would say that Zelda U should be released in 2015 during the holiday season.
I think that it would be released on time provided that they have been working on it for the last three years. Skyward Sword came out in 2011.

They may have already started work on this new Zelda during the final touches of Skyward Sword, they even got Monolith Soft to assist with the development of Skyward Sword, I am sure they would do the same for this if they needed more assistance to get the game out on time.