I would be willing to wait, but I don't think it will ever happen. If it wasn't for Nintendo's big franchises like Mario, Zelda, Pokemon, etc., the company would be dead already. Each time a new Zelda or Mario games gets released it is big news and it pretty much guarantees sales for their system, from both casual and hardcore fans.
With that said, I would actually welcome a long break in between Zelda games. I personally haven't liked the direction the series has gone since Twilight Princess and think the series needs a big change. Skyward Sword was a big step forward, but it didn't do enough imo. So with the series being on hold for a certain number of years, the new game would hopefully make a big impact, similar to the 7 year gap in between A Link to the Past and Ocarina of Time. 10 years might be a bit much though.
Plus Zelda games are always fun to go back to and replay. With 16 games in the series and counting, there is a lot to enjoy while we wait for the new game.