I also pretty much disproved the first bolded thing so maybe you should have read the first section..

I look at it this way Twilight Princess came out in 2006, but in reality was really a 2005 title for the GC that was cancelled / delayed because it made more sense to keep it for the Wii launch. So that means its been 4 years and surely we can see this generations first true Zelda game. I sure hope so that way I can wipe off the dust and see if my Wii even still works.

This is the other major reason it won't be released this year

We will not see a direct sequel to Galaxy anytime soon.  Galaxy is a great game and sold well overall but it did nothing for their home market.

I read that, and you didn't disprove anything. You admitted that it was quite possible that a portion of the Zelda team was working on the new game, while others were working on TP.

It is infact quite possible for a single team to put 100% of their effort into 2 games at once, breaking conventional mathematics :P In the first months of game development, the concept artists are hard at work, Miyamoto is hard at work. There is a little bit for coders to do, and nothing for game testers or translators.

In the last few months of a game development, the situation is reversed. Miyamoto has little to do, all that is left is for a few bugs to be ironed out, the translations done, a few minor improvements here or there.

I think it is safe to say that the initial concept stuff for Zelda Wii was started months before the release of twilight Princess

Again please read the OP guys..

A developer interview already stated that the game would have not been finished if it had have been released in 2005, the added year ensured it was a finished product. The fact is the game really wasn't a 2005 title and the devs actually thought they'd have a whole year to complete it. Then Iwata said hey we need you to do a Wii version too. So that would have cut maybe 2-3 months of actual game development/polish time when they already said they needed that extra year.

Clearly the title was not in development on anymore than a very basic ideas level before was nearing release. 

Huh, what do you mean? Galaxy sold what. 8 million copies? That's shitloads of money right there. That's the only thing taht matters for Nintendo.

Or do you mean Japan with home market? It's close to a million, that's amazing for a console game there these days.

Miyamoto actually did most of his work on TP in the later stages. He did little throughout development but made changes towards the end to make the game easier to follow. Look up the Iwata asks interview on TP and everything I'm saying about the state of development on TP in 2006 is in there.

Initial concepts maybe but I wouldn't call it the development of the title. E3 2007 they were still talking about things being pretty open and wanting to flesh out all of the ideas. 

It is a fantastic number for a modern day Mario until you look at New Super Mario Bros. which has sales more than double Galaxy.

However I agree with Benga on this one. Miyamoto has talked about work is being done on a sequel to Galaxy a number of times and this one quote pretty much confirms it:

"And while, personally, I feel like Super Mario Galaxy was able to do some things that were very new and were very unique, at the same time, from another perspective, certain elements of it do feel somewhat conservative in terms of how far we branched out with design. And so this is something I've been talking to [the Mario team] about," Miyamoto said.

The concept of Twilight princess (artwork and scenery) was already done even before the gamecube was even released. I used to have a bootlegged battle scene video for a future Zelda on my first computer back in 1999. I had always thought they ditched it all when the windwaker came out. I was surprised to when the twilight princess videos and screen shots started coming out in 04 and it looked just like the video that I was so stoked about 5 years earlier. I don't care what any developer says that game was ready for an 05 release but the gamecube was dead by that time. I'll give that additional development may have been needed for contols and bugs for the wii version, but that's it. Zelda is the only reason I picked up a Wii, it was the first game I played on it, and the only game I have played regularly for more then just a week.