I'm more than tired of the Ocarina-style that has had dominant influence on every console Zelda title since. And the portable Zelda games have gotten stale even with their half-assed attempts to retain the overhead style of the original game.
I say cut back on story and character, keep the gameplay non-linear, keep the in-game chit-chat to a minimum, no little bugs flying around solving puzzles for the player, no boats, trains, were-forms, flying birds or time-traveling.
And I might be in a massive minority on this one, but I'd welcome another side-scroller like Zelda II.
Yeah, they also need to look at a the age, making game for both adults and children. Though some new games *cough* Duke Nukem Forever *cough* does not live up to it's predecessor.. this is just how 'new age' can screw up a legendary game.