My favorite bit of news would have to be that they will be revealing more about the game at E3 2011. So far everytime they say something about the game or show something about the game it gets better and better, the progression so far with announcements and trailers and all that other stuff has been more frequent lately, compared to previous years. I'm almost sure this E3 Nintendo will give us a really good look at the real game. I've got hopes for another demo and or a newer commercial trailer.
Of course the release date is going to be my favorite news, but so far my favorite statement has been that the game won't be released until it's perfect, witch means Nintendo isn't going to be hasty in the development!
The entire E3 trailer has to be considered my favourite bit of Zelda Skyward Sword news, if it counts as news. But I think it does because it informed us of a lot of the game footage, gameplay and style. I thought the trailer was epic and it made me lean forward on my chair in anticipation and then got me wondering too. Thinking about all kinds of things; the possible story, the mysterious character, the gameplay, the graphics and overall how awesome the game looks. It has to be the biggest piece of news and also the one that has made the biggest impact on me. Definitely.