CNET had a chance to play with the Nintendo Wii console and posted a short preview:
Legend of Zelda looks very good. Link is grown up and has all his classic toys. The game is quite Wiimote intensive but not quite to the extent some might be hoping. Actions such as aiming the bow and arrow (and other tools, including the boomerang) and fishing are all controlled by the Wiimote. Sword fighting, however, is a bit more traditional. Whipping the nunchuck controller around can unleash special moves such as Link's spin attack or a shield-bashing finishing move, but generally his sword swings are controlled by the push of a button..
You can read it over here. Overall it seems the Wii, despite its terrible name, has a lot of potential.