There’s not really any information to go along with this, but Shigeru Miyamoto wanted to show off the next Legend of Zelda for the Nintendo Wii at E3 but it was decided against. He still wanted to prove it’s being worked on, so he felt this watercolor painting might help demonstrate the point. He made sure to indicate that Link wasn’t holding the Master Sword and also that he’s supposed to be older than previously seen. Miyamoto says he hopes to release it in 2010 but that it could take longer. This would be the first real Zelda game built from the ground up for Wii.
Speculation abounds about what the lack of Link’s sword might mean, including thoughts that the female figure in the painting could actually be an incarnation of the Master Sword. It’s also been pointed out that she resembles an older version of the Queen of the Fairies from The Legend of Zelda: The Wind Waker.
The next release in the series is The Legend of Zelda: Spirit Tracks for the Nintendo DS this upcoming holiday season.

