My preference is general realism. I'm not asking for Halo 4 or L.A. Noire, but I don't want another artistic interpretation just yet, either. I loved The Wind Waker's graphics and I loved Skyward Sword's graphics, but I've seen enough "interpretations" for awhile. The last game to show what Hyrule really looks like underneath all the special effects (not counting OoT 3D) was Twilight Princess, and the dull color scheme didn't do it nearly enough justice. Now's the chance to use the Wii U's hardware to fully realize the true Hyrule for the first time in Zelda's history.
I'm also leery of falling back on the "use the tech demo graphics" point, since the tech demo naturally has its own limitations. For one, in spite of the large amount of detail, not everything (particularly Link's character model) is up to a modern, professional standard, and secondly, we run the risk of dulled colors once again. I think the argument would be better phrased as "use the tech demo's graphics as a starting point."
I'm fairly hopeful we'll see this "true Hyrule" in Zelda Wii U, since we just saw Skyward Sword and Zelda's getting cel-shaded HD in the new Wind Waker release. Whatever we're going to see, it's probably not going to be either of those two styles, for which I'm grateful.