Good to know they're at least working on it

So we won't be seeing it for a looong time then. He's saying they need big new ideas. Fundamental changes. Fundamental changes afflict the entire game and therefore the entire game will have to be built around them. And right now he says they're still trying to find those new ideas.. So basically it's safe to assume they're not really far into development, in fact just starting.
People raving on about a new Wii Zelda having been in development for years, and indeed since before Twilight Princess was done need to check their facts, look it up in the 'Iwata Asks' interviews, when he's discussing TP with Eiji Aonuma, they thorouhly state, mention and communicate that it was incredibly hard work to get the game done in time for Wii's release, that they'd actually wanted to implement far more things. They had extremely tight deadlines and in fact didn't have time for anything else, working long days and even nights to finish TP. It may be hard to face it for some people, but the next Zelda has NOT been in development for years.

Also, stating that they're working on a new Zelda is kind of a non-event, because he also says they're ALWAYS working on Zelda titles. :p

Stiiiiiill, any news is welcome, and it's good to know they've finally started work on a new Zelda. :)

Please don't make it first person.

If they do it as wind waker but longer and without the trifoce hunt, have dungeons instead and make it darker then I would be happy :) oh yeah and have an ocion and a huge chunk of land and islands :D

1:1 motion would be much better suited to a FP Zelda.

It's coming next year. Will be shown at E3 (if it still exists) and released in November. However, I do wish they announce it at either TGS or GDC.

 just like all the other zeldas,they released 2 years after there announcements,the only exception is MM

And Iwata said they won't be anouncing games that won't be released in 3 months from the announcement anymore.

Not completely accurate (Wii Sports Resort comes out in a year), but your nonetheless correct that Zelda will probably arrive sooner rather than later.

@brute

PWNED! =P