after thinking about it, it's fucking obvious why Zelda looks like that, it's save the fucking princess, it's a fairy tale, it's not an adult game, adult games have adult designs (see Resi et al), games for teenagers have similarly appropriate designs (Tomb Raider, Fear Effect etc..), Zelda was a game on the NES it was a game for kids (that game is so easy too compared to the later games), despite it's design I'm quite sure it's going to be a game for hardcore gamers.
what I think Miyamoto should do though is try to find an outlet for the first design of Link, whether Ura Zelda or a remake of Ocarina, or even another franchise entirely.