My knee-jerk reaction is "Holy crap, a movie, yesss!" but then when I stop to think about it, the more I think it's not a super good idea. Movies are never as good as the things they're based off of and I don't think any film director, no matter how amazing, could really do justice.
Then there would be the voice controversy. And do we film this in Japanese or English? Should the actors be Japanese or Western? I think they would also get in to too much of a habit of CGing everything because there's so much fantasy in Zelda that it would be difficult to stay away from it and it would end up looking tacky.
I'm not saying that it's not a good idea, I just don't think it's a good idea right now when everyone and their mother is making a movie based off of something else. People are losing the ability to come up with original ideas and the based-off-of ideas they're coming up with have been half-assed recently. I love Zelda too much to watch it go the way of the animated series!