I bet it is a first person Zelda (at least on some battles), like they did with Metroid. But shame on Nintendo for not using high budget for this kind of game. Where are CGs, VA and orchestrated soundtrack?
What makes you think that it won't have these things? Why speak as if "not using a high budget" is confirmed?
don't get me wrong, the zelda formula is pretty much flawless, but basically every zelda game except a small exception like majoras mask are pretty much the exactly same game, It's never pushed graphics engines, it's never pushed production values, it's story has never stepped far outside its own grasp, the first and so far only wii outing that matters is the definition of waggle and there hasn't been a single mechanic ever introduced into the game since the dungeon system that was in any way new or fresh.
In terms of game budgets, I'd say nintendo probably has some of the lowest. They really don't put a whole lot into their games and tend to just stick with what they do best.
It's this reason Nintendo is so rich, and its also this reason that Nintendo games tend to be pretty much all definitions of "rehash".
But the most important thing that comes out of all this, and the thing that most Nintendo fans should be proud of is, Nintendo never ever puts any of those flashy things above gameplay. If the zelda formula is working as intended, why go around and mess it up? Innovation is a catchy term, but it does not a good game make. In fact, its usually just a gimmick. And people always talk about Nintendo being full of gimmicks when their games (The one thing we should all care about) have pretty much been gimmick free. (I dont count wii sports or wii fit stuff as games in my opinion they are just bonus software and are equal to say, the PS3's blu-ray drive)
I sure hope they dont change the Zelda formula too much. While I could not bare to finish twilight princess, I've loved every other Zelda even spirit tracks.