New ip on a successful format with a huge range of games available vs a new game in an established long running ip on a failed format and new format both with a limited number of competing games of similar quality and a very small install base.
Horizon on a technical level blows Zelda away even on the standard ps4 and with a 4k version on pro it goes beyond that.
In playability terms it is unlikely to beat Zelda.
Zelda is a non event if you don't have a wii u and don't intend to buy a Switch and Horizon isn't on your radar if you don't have a ps4 and don't intend to buy one.
It's only really if you have a choice and own both ps4 and wii u or you own ps4 and intend to buy a switch.
I have both ps4 and wii u and have pre-ordered Zelda for my wii u and will probably wait until Horizon is heavily discounted or even free with psn plus. This isn't my favourite genre but do have a strong nostalgic feeling for Zelda as have enjoyed the games so much in the past, plus Nintendo games don't do the heavy discounting of ps4 games so buying Zelda might actually be profitable if a few years later it becomes collectible. Also the novelty of actually buying a game for my wii u nowadays, I'm not exactly spoilt for choice. Nice to dust off the gamepad.
I'm old enough and seen enough of gaming to know new IP's take time to get established even if they have great reviews sometimes the sales figures are actually quite low. Sony does incredible value, so many amazing games for so little money and if you can wait sometimes only a few weeks or a few months the price can be a tiny fraction of the release price. This is certainly true of games that don't do great sales figures on release typically new IPs are included in that.
Also Zelda may be a pack-in title for Switch later.
