I think that it will be well received because netflix is making it. They're pretty good at making decent shows.

I think there's huge potential for a Zelda TV show.

There's essentially 2 stories that could be told in the first series:
Political story detailing the rise of Ganondorf, his machinations and plots and how Zelda struggles to show his treachery to the court. Potential for battles, invasions from Moblins etc.
And simultaneously we see Link on the hero's quest, starting as a farm boy, discovering his power and becoming the hero that will ultimately save the world.
So season 1 would end with Ganondorf making a move for power, and Zelda either be kidnapped or exiled. And Link would have met Zelda, learnt of his destiny, and received the Master Sword.

Season 2 would then be the exiled forces of Hyrule in open conflict with Ganondorf, whilst Zelda, Link and Ganondorf fight for control over the pieces of the Triforce.

By the fans I don't think so because it is very hard to make something about a popular franchise like Zelda. Fans will probably be pissed about small things what the mainstream netflix viewer had no idea about. I hope it is a well received serie by the mainstream viewers.