While I'm not expecting anything from ALttP2 other than it having the Zelda title on the box, it is sounding more and more like a carbon copy. They did say new story and they did see new dungeons. But the way its looking i wont be surprised if the game was exactly the same (outside of dungeons) with different speech in the text boxes making it a different story, that is how much i'm not expecting it to change. I hope i'm wrong.
As for the dungeons, if that dungeon that was saw in the 13 minute demo is actually in the game then i don't hold out much hope for the rest of them. In my head right now, the way I'm thinking this will pan out is that the dungeons are going to be the same, just edited. the dungeon we saw in the demo was obviously the Tower of Hera, even down to the final boss, it wasn't exactly the same dungeon but we all still could tell what it was. The difference being of course that the dungeon itself has been edited for the gimmicks of the game (turning into a painting and leaping towards the camera). This is how i think the game is going to pan out. The dungeons will be the familiar ones we know but changed in a way to allow for Link to use the gimmicks the game gives him.
This train of thought also makes me worry about the overworld. from what we have seen of the overworld very little has changed, and if very little has changed (if anything at all) then how are the gimmicks in this game going to work there? thinking back to the original aLttP's overworld i can't think of a single place that Link could become a painting to further expand on the world's puzzles. There are plenty of ledges but Link usually pends his time going down them, not flying up them, i do hope they dont put those red mole faces all over the overworld. I hope they are clever and put something like Roc's Feather in there as to not limit the level jumping to just using the hammer, time will tell...
So yeah, right now i'm seeing ALttP2 as more of an edited remake than a sequel in any respect.