There should be a topic for this by now I think.
Quotes from the roundtable:
"We made the map easier to read so it's much harder to get lost. One of our objectives was to bring the core gameplay back and not have all the focus on the amount of dungeons or what the story is."
"Last year we showed a single piece of art. Back then, the story was pretty much complete. We just didn't have much in the way of anything visual to show. For the most part, we're in the final stretch. We still have some dungeons to create, but the gameplay is solid. We're just not confident that we can get the final pieces in for this year. So that's why we revealed a 2011 release."
"How many people remember the scene where Link dives off the cliff in the trailer? That's a very important point for the storyline. This time around, Link is born and raised in a land called Sky Loft, a land floating above the clouds. It may sound unique for someone to live on a floating land, but Link finds it ordinary. A land beneath the clouds is discovered, it's ruled by evil forces, but Link is forced to go there. Link has to travel between the two lands in this adventure. The Skyward Sword is his driving force behind his traveling between lands. That mysterious figure in last year's art is the Skyward Sword. People suspected this to be the Master Sword…but spoiler alert,
the Skyward Sword becomes the Master Sword."
The HUD won't be as screen-dominating in the final version, and you can turn it off.
It will have orchestrated music (We couldn't very well do orchestrated music for Galaxy 1 and 2 and then not do it for Zelda, Miyamoto says).
Game continues in realtime while you're drinking potions.