I'm thinking it will be 2011, hopfully no later.

I can say with almost 100% confidence 2010. Nothing is certain, but Miyamoto stated they've been working since the release of TP on this new game so it's been nearly three years, its supposed to be a revamp of the series which would account for the longer development time, and Miyamoto stated they could have had a demo at E3 if they wanted which would have also come with a huge trailer and presentation you can bet, but he wanted to get the game DONE, my first prediction was Zelda Wii 2010 and now it's shaping up that way.

^He also said they're targeting for a 2010 release, which I think means they aren't 100% certain that it will release that year.

Yes that's true too, but often this late in the development cycle the "target" Miyamoto states is usually pretty accurate, usually when the Zelda series is shown off it's mid way through development, and they state the next year, but putting the polish on it takes another year and delayed, which fans whine but then love the game when it comes out, it's just how it goes.  However this time Miyamoto hasn't really shown trailers and named projected release dates until this E3 but he's been talking about it at E3 2008 and after TP launch in 2006. 

This just my theory going on trends and history, but this is a rather long Zelda drought which hasn't been seen since Link to the Past and SEVEN YEARS later OoT releases.  Hopefully just like that revamp into 3D this will be a transition that people will remember.  See LttP is the perfection of the 2D Zelda formula, and I'd say TP was the perfection of the 3D Zelda formula (though a bit easy but hey *shrug*) it'll be a long development and the next revamp will be BIG for the next Zelda.

I agree completely with you, Maxwell.

I'm expecting it Q4 next year, and am hoping for an OOT style experience in terms of epic newness and awesome sauce.

4015 AD

2010

I don't think they will show such a BIG (also hardcore) game like Zelda to release it the same year at Chritsmas. Remember what they do with Twilight Princess, it took them two years and a half to launch the game since they showed the first trailer at E3 2004.

Because it was delayed for one year to launch alongside Wii. Unless Nintendo are sending out a successor to Wii in 2011 (and that's highly unlikely) Zelda Wii won't see such a massive delay. Of course, it could see a delay while Miyamoto tinkers with the game engine till he's pleased it really does move the franchise forward. However, TP being delayed for so long does not = Zelda Wii being delayed for so long.

2011.

They've shown us just a piece of artwork. Fanboys go rabid, screaming 2010. I'll belive that when it happens.

I say 2011.