there is ALWAYS a zelda in development. the announcement is when they show the game running.

I think the problem with a lot of logic in this thread is that it was revealed that a trailer was READY to be shown last E3. That means the game is FAR more into production than a game where a teaser poster is ready to be revealed (Skyward Sword). This game may get revealed in 1st/2nd quarter of 2014 via Direct, shown more and demo at E3, and released in Q3/Q4 of 2014. I sincerely believe this because they seem to be making this one much faster than in the past (due to necessity). They had a trailer made 2 years (maybe less) after they started working on it. I don't know if any Zelda game for consoles has had a trailer ready that quickly.

This. Zelda is not the exception. And I'm ready to bet with anyone that this is what it will happen.

I'd expect it anywhere from spring to fall 2015. I think it's more important the game be good anyway than rushing it. The Wii U's hardware fate will already be sealed (one way or another) by next spring, if Mario Kart can't "save" the system, then nothing is. 

I don't know why everyone thinks it needs to be released during a Christmas. Nintendo often releases big games at other times of year, including MK8 this spring. I think November 2014 is possible for Zelda, but if it's not quite ready i can see a spring 2015 launch.

As far as I know, every 3D Zelda was released during christmas or around it, even the latest portables:

- OoT Nov 1998

- MM Oct 2000

- TWW Holiday 2002 (japan)

- TP Nov 2006

- ST Dec 2009

- SS Nov 2011

- ALBW Nov 2013

Wind Waker released in the West in spring 2003, they rushed it for Japan and in hindsight that was a mistake as they had to cut out dungeons to make that release date. Zelda III: A Link to the Past was also released in spring 1992 for the SNES in North America. 

Again, I don't think it takes Nintendo that long to make a epic Zelda game. I just think they choose to make them only every 5 years on average because they don't need more than that usually. Obviously with the Wii U, they need all the epicness and attention they can get so I think they are working on Zelda a lot more than they usually do. When Zelda starts production I'm fairly certain it starts with a small team and they don't go super hardcore nuts development speed until a year or two before it releases. If they work their butts off, they could develop a console Zelda in 2-3 years (which, if they started right after SS launch, means they have it almost complete potentially).

I know, but still was released in holiday as the final version is the same.

If they can make that date, fine, if they would have to rush the game, I would just say forget it. Zelda isn't doing anything that Mario Kart can't. 

The next console Zelda has to be really, really good too IMO, it should be a bonafied GOTY candidate and I don't think Skyward Sword was.