The Next Level has posted a new interview with Shigeru Miyamoto. Here is a quote to wet your appetite.
TNL: How far along is the new Zelda and how long has it been in development?
Miyamoto: The plan is to definitely have a version that you will be able to play to your heart's content by E3 next year. Everything that you saw in the [trailer] is running in real-time, playable with the engine, and so at this point we've got the engine running and everything's working and it's a question of going in and putting in the finishing pieces.
Like all Miyamoto interviews, this one comes as a highly recommended read.
Source: The Next Level