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Although many people considered Zelda 2 as their least favorite in the series, mainly because the lack of the overhead view (and breaks away from classic Zelda tradition), I happen to like that. It was different, challenging, and it brought new enemies, bosses, and RPG elements to the table.
Now here goes: In the next installment, add some features from that game (while still steering near the classic feel), but even better, have three different scenarios to play through. Much like Resident Evil 2, you could choose your character, and encounter different characters throughout the adventure, including completely different stories.
The playable characters would involve Link, Zelda, and Ganondorf, each giving their background and origin. Tie in some dungeons, leveling up in a huge world (either Hyrule or somewhere else), equipping new weapons and armor, making decisions…and there — you've got innovation.
All the stories (like the Triforce) would all tie in together and meet at the end, but instead of a single ending, you have three, depending who you play as. And let's not forget voice acting; this is long overdue.
The series (though I love it so much), certainly needs a pick me up, and it's just an idea that came to my mind. It's not perfect, but at least it’s different. The Wii motion plus would help as well, and possible online features or leaderboards would add appeal. Zelda fans only want better, and I am one of them.
picture courtesy of jameslogancourier.org