Well Val Kilmer was pretty awesome as Mad Martigan but other then that yeah, I can see what you mean.
If we let Miyamoto have too much of a say, poor Link might end up like Daniel Radcliffe did in the Lady in Black. I've seen silent films livelier then that snoozefest. :p
I say get Spielberg...
Since me wishing its not gonna happen won't do squat, I'd enjoy it more if it was in the spirit of Willow/old school Indiana Jones. That'd give us the action/exploration and a great fantasy vibe too. Epic battles, some magic, creepy ruins. I wouldn't mind seeing Zelda be a kick ass princess...