I have a few positives and negatives.
For one, it looks gorgeous. Very unique visual design which kind of encapsulates the charm of the series almost down to a tee. I think the biggest comparison I can make it that it looks sort of like the artstyle we witnessed in Ocarina of Time 3D - very bright, colourful, and somewhat spiritual as well. I also loved that they alluded to the fact that they're focusing on making Hyrule (I assume that's where the game is taking place) more of an open world rather than an open field connecting different locations. The scale from that footage shown looks pretty impressive, if the game is truly large open, and content filled then I'll be happy.
Downsides are that it didn't fit my ultimate vision for where the series should go, artstyle wise. I think the tech demo, or a HD colourful twist on Twilight Princess was the way to go. It's not to say I don't like what I saw, I just wanted something else in a way. Oh and Link, yeah, not liking his design so far.
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These are just brief initial thoughts so far, I'll mull it over and see what I can make of a measly 20 seconds of footage later. Honestly though, that was very little footage of a game that they need to push to sell the Wii U.