All right, I posted this in another thread, but I think people should read this so I'll say it again:
Regarding the magic Meter:
I can see why people want it back. I do. Many items that we know and love used it. Din's Fire, Fire/Ice/Light Arrows, Magic Rods, etc. And I agree, magic should play a role in Link's arsenal. However, I do NOT think there should be a magic meter or magic spells in Zelda Wii. Here are the reasons:
1. It imposes a superficial limit on the usability of certain things. Simply put, if you could use Din's Fire or Quake any time you wanted, it would be ridiculous. Some people would give up using the sword entirely. The magic meter kinda solves that, but they could just concentrate on making magical items that aren't overpowered.
2. The majority of magic in Zelda games has had extremely limited usefulness. Besides Din's Fire, Lens of Truth, and the Fire Arrows, how often did any of us use any other magic-using item? For me at least, and I say this having beaten 11 Zelda games (I don't own a DS or Wii but I've played a good portion of TP), I can say not very much.
3. Consistency issues. What I mean is this: Take a look at any Zelda game with a magic meter, for example OoT. The Magic Meter was used for Fire/Ice/Light Arrows, Spin Attack, DF/FW/NL, and the Lens of Truth (I may be forgetting some). However, "magical" items that didn't use the magic meter included the Master Sword, Red/Blue Tunics, Bracelet/Gauntlets, Hover Boots, Ocarina of Time, Potions, and anything else I might be forgetting. The imposition of magical limits on some "magical" items, but not all, seems arbitrary.
4. Along those same lines, there are some things which don't have to or shouldn't use magic in the first place. For example, Fire Arrows. Why can't Link just light his arrows on fire using non-magical means? Also, the lantern. I never understood why it used magic in ALttP, and I liked that they solved the problem in MC (Lantern Oil meter is a definite no for me). Also, there's the case of items like the Lens of Truth. Link shouldn't need a magical item AND his own magic to get its effects, in my opinion.
5. Magic spells are less fun. There, I said it. Would any of us rather see a Link with a varied arsenal of magical spells and no sword, no bow, and no shield? It wouldn't be any fun. Some of you might've liked running into the middle of a room and using Din's Fire to kill all enemies every chance you got, but I preferred something that actually used skill, and I only used it when I really didn't want to fight, like against redeads or gibdos.
6. Link is not a wizard. Yes, he can use magic. He's a Hylian, and being able to use magic is part of that. However, does the champion of courage chosen by the gods, whose iconic items are a sword and shield and bow and arrow, seem like the kind of guy who would prefer to stand back at a distance and use unfair magical spells against his enemies? That sounds more like what Ganondorf, Vaati, Agahnim, Veran, and other bad guys do. Magical spells set Link on a level playing field with his biggest and baddest enemies, rather than maintaining the David vs. Goliath feel that is so important to the games.
That said, I do think magic has a very important place in Zelda games. I am not advocating a realistic Zelda title. In order to show Link getting more powerful throughout the game, the items he gets should get more powerful, and the more powerful ones are probably going to involve some sort of magical effect. Therefore, I think that Zelda Wii should include items that use magic but without the magic meter or spells. Fire Arrows and Light Arrows are a must. Maybe Ice. Also, I like the idea of bringing back the Fierce Deity Mask. Oh, and no more Tingle. Ever.
TL;DR Yes to magical effects, no to Magic Meter and Spells