I actually don't think that I set my expectations too high. In the month of so coming up the release, I really just ignored all of the Zelda news. It wasn't even the fact that I wanted to stay spoiler free or anything, I simply wasn't really feeling it at the time. I knew that I would enjoy Skyward Sword to at least some extent, no matter how it turned out simply because it was a Zelda game. Because of this, I didn't really think about it much. Once I finally did play the game, I thought it was good, but not amazing. I wasn't expecting it to be the best game of all time, or even the best Zelda of all time. I knew what Nintendo's recent track-record had been, so I set my almost non-existent expectations as such. In fact, I was somewhat surprised that I enjoyed it as much as I did.
So no, I don't think I set my expectations too high.