Honestly I wouldn't be suprised or upset with a delay. Nintendo often delays Zelda titles to polish them and perfect them. A delay just means a better product or more profit for Nintendo. As Viper pointed out Nintendo doesn't tell us about most of their big titles till E3 so if it is delayed we can't judge the end of the year to be reliant on Zelda.
Now Miyamoto's new IP and Pikmin are two known titles , assuming Vitality Sensor was axed their are still several other titles that could pop up. Notably F-Zero or StarFox could also make suprise appearances at E3. You never know what Nintendo has up their sleeves.
Also about it not having a date. I believe Nintendo said at E3 it would come in Q2 2011! A delay to Q3/4 would be a delay. But again I don't mind a stronger fall line-up is good for Nintendo. Now its not as good for me as I assume their will be tons of games out for winter to compete for my dollars. I'll still get Zelda though!
-JC7
"In God We Trust - In Games We Play " - Joel Reimer