I think it would be interesting to have a larger variety of melee weapons than just the sword, but I'd much rather have new, intuitive items than just weapons. As fun as it would be to stab bulblins with spear while riding on horseback, I don't really see that much of a difference between that and using a sword for the same purpose. I mean, think about it; what difference would it make other than a few changes in combat? Sure, an axe could be slower and stronger, a spear could have a much bigger reach, but they're all used for the same purpose, and the point of having many different types of items is that they all have unique uses.
Let's take OoT as an example here. In it, you had the Megaton Hammer, which you could use to fight enemies instead of the Master Sword. Personally, I didn't enjoy using it instead of the Master Sword every once in a while. If it had done more damage, perhaps I might have a few times, but I wouldn't have enjoyed it any more.
I suppose that since Zelda Wii is going to be using Motion Plus, it could be nice to have multiple weapons so that everyone could have their own fighting style, but like I said before, I'd much prefer lots of varied and unique dungeon items.