Was avoiding IGN's article on it like a plague, but then I looked in to see Peer had featured a good comment.
This announcement takes me back more than a decade to when I myself covered Nintendo (and my favorite franchise, The Legend of Zelda). I was wondering, have any of the Zelda console titles ever shipped "on time?"
Here's a quick history (IGN only goes back to the N64 days, so I don't recall off-hand what happened with SNES and NES):
1997: Ocarina of Time Delayed to 1998: http://www.ign.com/articles/1997/08/29/griffey-zelda-delayed
1999: Zelda Gaiden (Majora's Mask) Scheduled for 1999 (it came out in 2000): http://www.ign.com/articles/1999/06/17/zelda-sequel-invades-spaceworld
2002: Wind Waker Delayed to 2003: http://www.ign.com/articles/2002/05/21/e3-2002-zelda-officially-delayed
2005: Twilight Princess Delayed to 2006: http://www.ign.com/articles/2005/08/16/zelda-delayed-to-next-year
2010: Skyward Sword Delayed to 2011: http://www.ign.com/articles/2010/01/12/reggie-new-zelda-wii-title-has-to-be-perfect
The good news is that those games all turned out mighty fine. So Let's hope that the additional months in development will result in another memorable installment. And that Nintendo has something nice to show at E3.