I think it is going to be announced at e3. It will be dated for november , but it will be delayed until spring/ summer 09.

Announced at E3...expected release (not delay) holiday '09.

Well they were working on it since 05 so I don't think it would be that long. How long were they working on tp?

 link?  I must have missed that date.

http://www.joystiq.com/2006/12/11/new-zelda-for-wii-deep-in-development-phantom-hourglass-delay/

Edit: nvm it says it's only a rumor.  

Even if it were done...I'm not sure they would release it yet. This holiday will be plenty full. I've got no idea what will be there, but considering that they are already releasing Mario Kart they must have something planned.

A Zelda title usually gets major lead time from it's initial reveal...not 5-6 months. So expect at the earliest (if it is announced at E3) summer of 09. They're only going to show a teaser this E3...not a full on trailer. That will be next E309. With a Fall release to follow.

The bottom line is that Nintendo uses their releases to stoke the fires. There's no need to send all their franchises to market at the same time...especially when the big guns aren't necessary to keep sales growth consistent.

Anounced at E3, original release planned for Holiday '09, delayed until May 2010.

It will NOT be delayed until Holiday 2010, because there will be no new console to wait for. :P

I think that it might be the huge game for the 2008 holidays that will be announced at E3 Reggie teased about.

LIES, I don't think that. I only wish that.

Big question is how is it going to be different? TP was designed for the GC therefore it wasn't set up for Wii. What will they do differently?

Battle mode aka Phantom Hourglass?

A game more like World of Warcraft?

A RTS game?

Throw some Ideas around.

I threw this one around a while back.  Curiously enough it was an April Fool's joke last year.  Woops.  I'm still holding my breath for it...and Mushroom Kingdom Hearts as well.  All the good ideas seem to be hoaxes.