While it would be nice for Zelda Wii to arrive in 2010 a release in 2011 is much more likely. I am already preparing myself for a 2012 release anyway given Zelda games are usually prone to long delays. As long as its a brilliant game thats been polished and tweaked as much as humanly possible I'll gladly wait till 2022.

holiday season 2010.

I'm more inclined to believe it's a 2011 title now. Of course it will be for the Wii though, no way it will be released for their next console.

I'd love to be surprised but after E3 2009, 2011 seems certain.

Hopefully it will be the greatest game ever made, or in a worse scenario, the best Zelda game ever made. If it's not, then I will be satisfied with it being the best Wii game or as a last chance, the best game of 20XX.

I think it's not farfetched to expect such things, and Nintendo knows it. That's why they may be taking their time to craft a masterpiece. The music, the characters, the story, the world, the controls, the graphics, the details, everything will be taken into consideration to make the best game they can possibly achieve. It will be a game made strictly for the core fanbase, no expanded audience bullshit, trust me. This will be THE game for any person who proclaims himself as a hardcore gamer.

/fact

In my opinion what Zelda Wii will be and what I hope that it is, is THE game that shows the true potential of the Wii. That means both controls and presentation. The game will be your standard Zelda fare but it'll have a heavy emphasis on motion control and it'll be a gameplay revolution. That's why I think Nintendo have chosen (as far as we know) the whole Master Sword back story.

Both the story and the gameplay will want you to feel like you are in control of the Master Sword. I think it'll have more in common with The Legend of Zelda (NES) than it does with Twilight Princess. It'll make everything feel like an adventure more than any game in recent Zelda history because everything will feel fresh.

I can guarantee that it'll be GOTY 2011, taking down Modern Warfare 3 quite easily.

My Prediction:

First Trailer E3 2010.
Launchdate: Christmas 2010

Looks like a 2010 title according to Iwata himself, lets hope his word means something.

Also updated the OP with the releases of 2009.

I think we will see the first trailer at E3 and it will be released in November.

My guess, as of right now, Mid November to Mid December.