I sincerely hope this is a hoax, and from the looks of it it most likely is a hoax. I mean c'mon, "Shard of Nightmare"? That sounds like something a teenage fanfic writer would title their work as.
Also, while I don't want a carbon-copy of the SS visual style (as I always want to see new artistic styles in new console Zelda games [unless it's a direct sequel like MM and ST]), I much prefer the more light-hearted and colorful presentation to the "realistic" look everyone else is going on about these days. I want ZeldaU to be something I've never seen before, something that immediately leaves a lasting impression on me, and the realistic look just doesn't do that for me, especially in a medieval setting.
I understand fans want a Zelda game to tackle more mature themes, and I'm right there with you. It'll be awesome if we can get back to Majora's Mask level of themes and subject matter, but I disagree that we need a realistic look to pull that off. SS tackled some heavy subject matter as well, and it got dark when it needed to, same thing with Wind Waker. I understand most fans want a more realistic setting like in Twilight Princess but for the most part that look just bores me to tears.
And on the subject of Majora's Mask: It does employ a darker & more striking color pallet than most Zelda games, yes. But right alongside the darker elements are some extremely wacky and off-the wall elements; while MM is a dark game it is by far the WEIRDEST Zelda game to date. Moon with a face on it. Masks that transform you into different races. Hand in a toilet. Weird Gravelers with mustaches that pop up out of the ground for no reason whatsoever, as well as Ratattas with bombs for tails that kamikaze you. Jittery bushes that run away from you when you try to cut them. A crazy old wizard that bolts around throwing ice & fire spells at you. A crazy frog hitching a ride on a turtle trying to slam into you. A mask that lets you belly-dance to impress carnies. Zombies that dance like ballerinas if you wear certain masks. Regenerating blobs of jelly with faces that only a mother could love. A goods-stealing vulture that's a pet for the local thief. Aliens that swoop down onto a ranch and abducts their cows & mind-probes the ranch girl. A dungeon that flips gravity when activated by a ray of light. A bizarrely-colored mask that comes to life and moonwalks in front of you, dancing & singing with its very high-pitched voice while you're trying to fight it. [Sheesh there's a lot of dancing in this game...] Point being, this game is dark, this game is mature, this game is very sad, but above all else this game is WEIRD AS BALLS.