With the possible exception of the Oracle games and Four Swords (which weren't big on characterization anyway), I don't think Zelda has ever been depicted that way. Nintendo has a great way of subverting that trope on a regular basis.
In the original Legend of Zelda, she is the macguffin that...
Spoiler for Wind Waker:
I really, really like Tetra, up to the point where she is revealed to be Princess Zelda. From that point on, she's just boring.
Designwise, yes, the Zelda from Twilight Princess and Super Smash Bros Brawl. Brawl gets a bonus because it's also the best Shiek design yet.