Yup, that's whole point of NX and merging teams and divisions.

Well every 3D Zelda game is still very high quality game that is always one of the best games of generation, also its totally bug free and without any problems like bad fps or similar. How many blockbuster games like that with 3 year development cycles we have on market, or how many game like that at all we have on market!? There is a reason why Zelda series manage to have high quality games for 30th years.

I agree that 5 years is little too much for new 3D Zelda, but while Nintendo still deleriving what is expected from 3D Zelda, I cant complain too much, but surely I would love if Nintendo could manage to deliver 3D Zelda in 3-4 years and if that dont effect on quality of game.

Zelda may not have the extensive voice acting and scripted story that GTA has but the games are still quite large and ambitious compared to most games. Again, how often do you see a game on the market that is anything like Zelda? A lot of publishers today deliberately avoid games like that. Then there's the issue of quality. Large games like that means that cleaning up bugs and glitches will take longer as the hardware becomes more sophisticated. Even after all of that, the occassional bug still gets past testing. Unlike your average publisher, Nintendo doesn't release unfinished games. They aren't a big fan of patching. So to put things in perspective, take something like Assassins Creed Unity and Battlefield 4 and estimate how long the initial development took. Then add in how many months it took to fix those games after their release. Then you'll get a true perspective on how long some of those games should take to develop.

Also keep in mind that the same Zelda team that makes the console games also makes the handheld games which are also becoming increasingly sophisticated. With something like Call of Duty or Assassins Creed, there's the console game. That's it. There is no portable games in between the console games and if their is, it's usually left in the hands of another developer. So the reality is that the Zelda team has been hard at work on several Zelda games over the last few years, one of them being the most sophisticated console Zelda game ever.

By the time it comes out next year, Zelda U, like Skyward Sword before it, will be releasing 5 years after its predecessor.

If Nintendo continue this pattern with the following entry, we won't get it until 2021. 

Can Nintendo afford a 5 year cycle for home console Zelda games? Will the long breaks in between build anticipation and hype, or will people just get tired of waiting?

Off the top of my head, Uncharted 2 and 3 both arrived two years after their predecessors, and launched without major framerate issues or bug problems, at least that I'm aware of. Now, I don't expect Zelda to take two years, but as you say, 3-4 should be perfectly reasonable.

Well there is huge difference between Uncharted 2 and 3 and Zelda 3D series, first Uncharted 2 and 3 are linear action games, U2 and U3 are using same engine and they certainly could reused some models and textures, also it's basically just a sequel without almost any new staffs they just needed new story. On other hand Zelda 3D series is not linear at all (except SS) and they are open world adventure games, evry Zelda 3D game (exept MM) is using totally different art style and graphic, and evry 3D Zelda games gives totally new staffs and mechanics. 3D Zelda game is much more on pair with games like Skyrim or Fallout.

That's why I said that Nintendo could make new Zelda game in 2-3 years only if they pull MM again, and I hope they can manage completely new Zelda in 3-4 years but I am not sure.

On the other hand though, Uncharted 2 and 3 had to do a lot of stuff Zelda doesn't; complex AI, physics, animation, and large scale action setpieces, online multiplayer; these things all take lots of time and resources too.

Zelda has very complex dungeons, epic bosses, open world and NPCs but those are smaller details like things you mentioned, so my point stands. You cant compare Uncharted with games like Skyrim, but definitely in some way you can compare Zelda with Skyrim.