deadeye,
Currently playing Ocarina of Time for the umpteenth time (Master Quest on the Gamecube bonus Disc), and my feelings mirror yours.
Ocarina was the pinnacle IMO, and each Zelda game has gone downhill since, with Majora's Mask pretty good (and nicely odd), Wind Waker a graphical feast with a lot of gameplay I didn't like, and there was something about the Twilight Princess that just didn't work for me.
I've never been a fanboy of any kind (Love my Xbox 360, rarely use my PS3, that's just how it turned out), but I've always been a big fan of Nintendo.
I've had every console of theirs from the NES onwards, but I drew the line at the Wii.
I borrowed one for a while, and I just find it all too gimmicky and nowhere near as powerful as it should be.
I've always looked forward to the next Zelda game, ahead of most other games, but I'm not bothered if they released a new one or not, based on two points:
:: It will be on the Wii, and as such, will no doubt over-use the gimmicky controllers
:: The chance of a decent, new adventure that contains many difficult puzzles and enemies to defeat are almost zero. The dumbing down of video games to appeal to as large an audience as possible is rampant these days, and I'd say that Nintendo are the biggest culprits here.
So every puzzle will be accompanied by several obvious clues so that 5 year olds can play it, and every boss will take a fraction of the hits to defeat compared to similar games 5 or 6 years ago.
Thank god for Gears of War, Half-Life 2, Mercenaries 2, Just Cause, etc.
Sponge.