well I would imagen the zelda mmo to be along the lines of wow with a huge world and you run around and do stuff within the zelda universe, they can expand alot of things, make castle town huge and divide each race up into their own huge city with things to do and you can choose your race and do missions acording to your race and all that. The zelda universe would lend its self hugely to the mmo genre because it has everything it needs allready!
An awesome little easter egg or something they could include would be a link character that is spotted some times doing his missions!!! how awesome would that be! you would be like the little kids in TP who love link and want to be like him! you would be strolling around the fields and then the mysterious hero would come galoping through and all the zelda fan boys like myself would be like *jaw drops "wooowww, there he goes....!"
edit: The characters that gamers would play as would be side to the quest that link is going on and we would hear rumours of link and his conquests and people in the cities would compare you to him like "thank you so much for rescuing my cat! who needs the hero when we have you around town" and we would all feel good about our selves
If at first you don't succeed, you fail
