I think that you are right. In the 8- bit era Nintendo kind of had that sort of thing in the Legend of Zelda 2. Sure it was side view but it was harder to attack you foes as you had to know when to guard or whether to strik low or high- as your enemies could block too. In some case you had to use the up thust and down thrust moves in order to do damage on a enemy.

In that game even a weak enemy with a shield could give you some competition if you weren't paying attention.

Also they said during the year before last that we could expect the Next Zelda sooner than we may expect.

Maybe an E3 announcement? Or maybe come out of left field and do it at the GDC (HIGHLY unlikely)

My list of possibilities any of them or any combination of them:

Wii Zelda will actually allow you to play as Zelda/Shiek and/or the Skull Kid, whether this is in addition to, or instead of, Link is up for grabs.

Wii Zelda will use the Wii Fit Balance board as part of the control.

Wii Zelda will have full voice acting.

Wii Zelda will have 1 to 1 or .99 to 1 sword fighting (might have a little smudging)

Wii Zelda will allow you to use a First Person Perspective

Wii Zelda will have the enemies take realistic damage and leave corpses, instead of just bursting into smoke.

Wii Zelda will mix the cell shading style with the realistic style much like how No More Heroes does.

Wii Zelda will be a fully 3D remix of Link to the Past, both in Story, Light/Dark world usage, and general dungeon layout.

Wii Zelda will have a futuristic setting of hyrule, showing that even as time moves on and the world changes, the epic struggle over the Heroes of the Triforce will continue forever. Ganon will wear a business Suit for the first time.

Zelda Galaxy - strange occurences are becoming more and more common. the source? aliens, ganon has returned yet again but not in hyrule. Now Link must find out how to follow ganon into the stars, battling space aliens and new powerful technology to get to ganon and stop him before his planet class star destroyer gets in range of Hyrule.

Zelda RPG: Legend of the Three Triforce Pieces - Link Teams up with Skull Kid, Zelda, Malon, and even Ganon in the new turn based battle system.

Zelda Babies - Baby Ganon the Bully has stolen Zelda's favorite Triforce plushy, and it's up to you to explore the nursery and find the pillow of power that can defeat ganon (apparently he has allergies to goose feathers) but don't worry, you'll have Baby Navi to help guide you on your way.

Zelda teaches the Alphabet - Teach your kid how to spell with this exciting edutainment game. Help link navigate dungeons. H-O-O-K-S-H-O-T hookshot. B-O-O-M-E-R-A-N-G boomerang. You did it!

Zelda does Hyrule - Adults Only!

Grey Acumen, patent those ideas NOW!! Zelda babies is like a license to print money.

 That was a COMPLETE rumor. The website that did that interview faked it.

It's amazing how far they've gotten it to go considering it's completely fake.

Link's Awakening was never released on the SNES, also Link's Awakening DX was for the GBC not original GB.

 @ Grey Acumen, 

Those are some grand ideas. :p I wouldn't even be surprised if Nintendo went ahead and actually did something like a Zelda-edutainment game.. after the succes of Brain Training. And they've already proven they are quite willing to deviate from the classic Zelda formula with games like Tingle's Rupeeland (awesome, haha), Link's Crossbow Training and the canned Tetra's Trackers. 

I think the Cell Shading style is going to be exclusive to the DS after the criticism WW got on the GC

I put my money on that one.

Don't expect the new Zelda to be Oblivion meets some anime film, Nintendo always do weird things, I put my money on Link to the past with Mario Galaxy graphics and controls (or something in those lines)

 Don't expect an adult cool looking Link, expect him as literaly the one from Link to the past but in 3D

Just my opinion and bet on the subject