This might be sacrilege, but.. I honestly wouldn't mind if Zelda went back to being a once-per-generation affair, so long as the one console title that does come out is:
a) absolutely massive - to the point where the world map is Wind Waker-scaled huge, with lots to explore off the beaten path; and,
b) magnificent
I also wonder if Nintendo knows that, with this being the first HD Zelda ever, more people than ever will be looking at the title they make. With this in mind, they could possibly be a bit more cautious about making this game as absolutely fantastic and grande as possible. This is probably why I tend to think we'll see it released later rather than sooner.
Listen to this man