My disappointment in Zelda this year lies simply in the fact Nintendo actually revealed very little of it. They've been promising it for so long and they revealed a very early graphics engine and near complete controls in a 10 minute demo that may not actually be part of the final game. The graphics look patchy to me (some parts and character models look amazing, other parts look bland) and despite the screwed up demo at the conference, every hands on I read was positive. Given Nintendo's track record with Zelda, I'm sure it will shape up to be a great game. I'm just not in any way convinced it's going to be a massive, innovative step forward in the Zelda series or games in general. And honestly, that's what I was hoping for. There simply wasn't enough on show to demonstrate or disprove that.
So yeah, in terms of Zelda's E3 showing I'd say it was a disappointment, but that's no guarantee the final product will be disappointing. Honestly, I remember feeling the same when Wind Waker was announced, and they eventually turned out a masterpiece and one of the freshest console Zelda games. It's too early to tell if Skyward Sword will similarly wow me as a final product, but as an E3 reveal it did disappoint. It's a case of such high expectations-Zelda undergoes scrutiny and pressure reserved only for the best gaming franchises, and there simply wasn't enough in this demo to meet or exceed those expectations and defy such pressure and scrutiny. Personally, there wasn't enough in this demo to suggest the final product will be poor or underwhelming.