I've noticed a report come about regarding the next Legend of Zelda game for the Wii U. The story isn't 100% confirmed by Nintendo so take it with a grain of salt, but it could be legit.
The graphics style will be similar to the one used in Skyward Sword
The game is being developed by Nintendo EAD 3.
Several hundred people are working on the game, the biggest team EAD 3 ever assembled
Eiji Aonuma is the lead producer and has been working on the game since late 2010
Development is said to take about 4 years, due to the new technology etc...
...which makes it the most expensive game they ever worked on
The magnitude of the development effort is similar to the one of GTA V
The game was supposed to be released in the fall of 2013 to combat the new consoles by MS and Sony, but this will probably not happen
There'll be roughly the same amount of dungeons as before, but they'll be bigger and more different from one another
Some dungeons are divided into three segments and take hours to complete
There will be mini games and sidequests (OMG YOU LIE)
The game will feature an orchestral soundtrack
Link is mature
One of the first test dungeons was a gigantic forest that was about as big as the whole Hyrule field in Ocarina of Time
The game is so huge that it needs to be on Bluray
There will be no online multiplayer...
...but there will be Miiverse functionality (leave hints for other players, etc.)
Havok and Umbra technology is being used
One of the hardware features of the Wii U Gamepad was only added because the developers thought of a cool way to use it