Well, I guess it depends on how they make it. As long as Link still has hearts and can use items other than Arrows, it will be good.
It would make sense that they put us through Link's Crossbow Training if that's what they're planning, though.
I have to admit, I do like the Metroid Prime series because it feels a lot like a Zelda game... so there's a chance I would at least take a look at it. All they'd have to do is take the Metroid Prime engine, replace Samus with Link, the health bar with a heart bar, the blaster with a crossbow, and you'd have something resembling a Zelda game.
I'll give it a chance no matter what. After all, many people didn't give Wind Waker a chance because of the cel-shading, and it was actually a really good game. And if it's anything like Metroid Prime, I probably will like it.
I wouldn't blame the developers for making a ranged weapon the primary weapon in future Wii games. Ranged weapons are the only thing that feels intuitive with Wii controls. The Wiimote is the perfect interface for an FPS if there ever was one. You just point at the screen and pull the trigger (press the B button). If I blame anything for Zelda being made into an FPS game, it will be the Wii designers rather than the Zelda programmers. Because that darned Wiimote works better with FPS than anything else. My first thought when I looked at it was "This is an updated NES Zapper... okay, great joke. Now where's my REAL controller?"