Sword: Works extremely well, but you really do have to give your swings some flourish. I never once felt like the combat was a bunch of cheap "motion puzzles" as some people seem to have interpreted it; it's basically what Adventure of Link would be like if made in 3D. Easily the most satisfying Zelda combat out of any of the 3D games, since AT THE VERY LEAST you have to make sure you've properly angled your attack in addition to timing it right and looking for openings. Because enemies are constantly guarding and shifting their defensive stances battles seem less like scripted patterned sequences. I will be upset if they switch over to the Wii U tablet and abandon this Motion Plus setup for the next Zelda game; it's THAT good.
I own Red Steel 2, and I can agree with you in that the Wii Motion Plus is the greatest thing to happen to Zelda. I'm pretty sure SS's is better, though. (By the way, glad to hear that it's Zelda II-ish combat. That's what I figured it'd be. Zelda II was basically 2D 1:1.)
As with the Motion Control thing you said, I agree. I really don't see Nintendo abandoning the Motion Plus after revolutionizing Zelda with it. I definitely don't think the touch screen will be used, though. That would be frustrating in its own right, but it would also be next to impossible to pull off. We wouldn't be able to hold it in one hand and swipe the screen with the other and hold the controller properly. And holding it on the bottom would prevent us from moving Link. And I'm pretty sure no one wants to put it on the floor. So, really, I have no worries about the Motion Plus being abandoned.
Bombs: Didn't play with these much, but it seems like throwing them is a largely automated process, with your Motion Plus gestures only controlling HOW you throw it. Overhand swings will cause you to toss it in the traditional fashion, underhand will cause you to roll it like a bowling ball. Not much to go wrong here.
Does this mean it doesn't matter how hard we shake the remote to determine how far the bombs will go? Because that makes quite the difference.
Calibration: The only calibration issues I ever had while playing were with the Beetle, but I think this is because the device was not calibrated properly between my play and the previous play. It does not appear that you'll need to set down the Wii Remote to calibrate at any time after you start playing (although it looks like you'll need to do so BEFORE judging by the demo). If anything seems to be off, you can quickly re-calibrate by bringing up any item or feature that uses the pointer and pressing Down on the D-pad while pointing at the center of the screen. You may be able to do this in the pause or map menus also (which will be better if you're in the heat of battle or something), but I didn't get a chance to try out either to make sure. I never had to do this during gameplay, though, aside from that issue I mentioned before (which, again, was a matter of the controller not being calibrated correctly in the FIRST PLACE, not a problem with the controller getting confused while I was playing).
With the re-calibration thing, I'm assuming it will work like Red Steel 2, meaning we'll only have to do it
before we start playing. And that it won't have any problems during the game.