Zelda Director Eiji Aonuma had an interview with Official Nintendo Magazine for their January edition, and while the information was mostly old, a couple of new facts popped up. Mostly interestingly, Aonuma stated that a definite graphical style for Zelda Wii has not yet been decided.
He then suggested that they may decide on something completely new, but that it would likely be on the realistic side of the spectrum, rather than being cel-shaded. This makes sense, especially considering that the Zelda Wii team has been taking hints from Monster Hunter in the graphics department.
Aonuma also stated that the game has been in development for a while now, and that they hope to have something to show at the next E3. Other than that, it’s all mostly stuff we’ve heard before, but if you’re interested you can read more about the interview here.