No voice acting because it would be impossible for them to do it justice, with current technology (including everything up to PS4, and even PC).

Text works fine, and while it does make you feel a little less "immersed", all it requires is good spelling and good writing, things that Nintendo do more than adequately. To make voice acting work, there's so many more factors to account for, and even one being a little out will make the game feel wrong.

Same reason, by the way, why I never want Zelda to go hyper-realistic in graphical style. It's basically a variation on the Uncanny Valley effect. Until and unless they're able to do voices in such a way that it feels indistinguishable from real world quality, including in terms of animation, they shouldn't do it in Zelda (as it's unnecessary to include voice acting - VA should only be done in games where it's necessary).

To see a classic example of voice acting rather ruining something, consider the famous Final Fantasy X laughing scene.

All that being said, a solution more similar to that of Animal Crossing wouldn't bother me. It's more sound effect than voice, anyway. Kind of like how they did the voice of Midna.

I'm not zelda fan but at this point, there should be voice acting. I think it helps define characters. There are certain things you can find about character that facial expressions or body gestures won't say (I'm looking at BioWare's Dragon Age origins and Mass Effect 2/3)

I also think Link should speak. I am not a fan of silent character, even more so if I am playing an established person in the world and not a "new comer" or "outsider" (as in a customized hero)
Again, I'm not into the zelda franchise but voice acting, if done well, is a huge bonus in my book. I'm playing Dragon Age Origins and it pains me that the Warden (main character) is speechless for no goddamn reason.

There are so many fantastic voice actors out there though that can do the game justice. Come on, hearing zelda SPEAK for the "first time" would give you shivers. I gotta disagree on the sound effect option. If you mean similar to sims, then THAT would be just weird.

I want everyone BUT Link to speak

Try saying the things you choose to say out loud by yourself before pressing the button to answer :P

This is something I would like to see, but I know this is not going to happen

The quality of the voice actors isn't the issue. As I said, there's much more to it than just having someone come in and record some lines.

And no, not similar to Sims (at least, as of Sims 2 - haven't played the more recent ones, maybe they did it differently), because those are generic, repeating sounds with no sense of purpose. I'm thinking more along the lines of Animalese, as per Animal Crossing. Done with various voice actors, you can give various characters their own distinct voices (because you can vary the pieces within Animalese in pitch, speed etc), but because it's gibberish and just tied to the text itself (in Animalese, each letter is spoken by name, and at speed it sounds a little like the original word in many cases, but not so much that it sounds weird), you get an effect that feels more like a foreign language.

Of course, I wouldn't suggest just copying the Animalese of Animal Crossing itself. Instead, I'd expect the game to be rigged with various vocal inflection effects to give a more dynamic feel, and perhaps use of the japanese text rather than the english one to make a more "natural" pattern.

But that being said, that's the "if there has to be voice acting" part of me (I'm happy for none at all)... but THAT being said, I don't mind limited use of voice acting, if it's done with a lot of care. Hyrule Warriors has voiceover for the story intro/conclusion bits for each of the Story Mode stages, and that feels fine. Very careful use of voice acting in a select few key cutscenes could be managed fairly easily, and I wouldn't be overly upset about it.

i m for NO vioce acting it dont fits into a Zelda game and it never will ... and reading is part of every Zelda game ^^

No Zelda should never have full out voice acting.
I like just hearing them grunt or make strange noises a lot more. It makes you use your imagination and that's something sorely lacking these days.

This.  This comment is beautiful.