personally, i want a mixture of the 3D zelda games (ocarina of time, majoras mask, wind waker, twilight princess, skyward sword):
-1080p, 7.1, 60fps
-option to use any control method (waggle with/without motion plus, traditional, etc)
-a huge overworld with multiple towns and npcs, lots of sidequests, lots of methods to travel (warp points, epona, musical instrument, etc), and maybe even different worlds altogether.
-*lots* of dungeons. some of them can be optional but have great quest rewards.
-secret dungeons that are remakes of classic zelda games.
-no BS fetch quests that are pointless (that damn part in skyward sword, its related to music, everyone whos played it knows what im talking about)
-online leaderboards to see who can beat the dungeon in the fastest time, who beat the game first, etc.
-2nd quest that is basically hero mode and master quest into one, so remixed puzzles, much harder enemies and bosses, way less heart drops, the whole nine yards.
-lots of items that get used constantly (like skyward sword). no need to feel like an item is used only in that particular area/dungeon.
-can take as little as 20-30 hours to beat by going through the main storyline, but can go past 60-70 for 100% completion.
-real time day/night cycle depending on the console time. you can also advance and go back in time (a la majoras mask and the zelda hd demo)
-fishing needs to be as real as possible. pretty much can be a full game if you want it to be.
-on the subject of fishing, bring back plenty of minigames (the rollgame from twilight princess was nice), and why not throw in multiplayer? either have link with different tunics for each player, or even go a step further with characters from previous titles, possibly with some secret and unlockable characters
-completely customizable HUD, not just light, standard, and pro. if you just want hearts showing with nothing else, or if you want the rupees to be on the bottom left, whatever you want.
-option to turn on and off voice acting (link is always silent though).
-costumes for link, like dark link, alttp link, nes link, red tunic link, wind waker pj link, skyloft academy link, etc.
thats all i can think of. ps - i hate finals!