Wind Waker got a lot of bad rep when people first saw it, but when it came out, it had perhaps one of the darkest back stories (Nearly everybody dying in a flood) and very unique gameplay, massive overworld (that some have called dull), etc.
WW did not have a huge overworld...it did not even have an overworld.
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Could SS be the #1 game of all time, yes, it could be, imo...but I put it at a low percentage. Let's just look at the three things reviewers usually focus on:
GAMEPLAY
We already know that this is going to be ground breaking. Motion controls have been the thing animating the industry this year (with Move and Kinect) and have been the biggest innovation since they were introduced in 2006, but nobody has made a truly great motion controlled story-driven game. Zelda could be the first game to really fully incorporate motion controls and get it right. Getting something that everyone will like here is going to be challenging, but it seems like they are going for simplicity and familiarity (Wii Sports Resort) and that should get a lot of people more comfortable with the controls quickly. Further, it looks like they are focusing on faster, denser gameplay with the way the changed the menu and the way they are blending dungeons and fields....this should make it even more fun.
STORY
The two elements we know of the story that we know so far--that Link comes from a land in the clouds and discovers the normal world on the ground and that a mysterious woman becomes his sword--are really very interesting. The idea of anthropomorphizing his sword when you are going to have such an intimate physical relation ship to it is really amazing. All it needs is a human/emotional element like OoT had...
PRESENTATION
This art style (if the fix the trees!) has the potential to be timeless. The more I look at it the more beautiful I think it is. It really has these gorgeous bold strokes of color and the potential power to capture people's imaginations. Further, you can be sure that the music will be among the best that video games have to offer, as they always are with Zelda (and, if they follow up with the same effort they put into Super Mario Galaxy, it could be amazing).
Now, they have to pull all of these things off perfectly to beat out OoT, because that was a game that was revolutionary in each of these categories...but it could be done with this game.