Good point, it shows that Shiguero Miatamoto never intended the Legend of Zelda series to be photo realistic, even if tecnology does not allow it yet. To my knowledge, he developed the first titles in the series and supervised production of the others, except for Majora´s Mask, so everytime a new title is released he is realizing the thing he could not accomplish with the first.
The new look will surely suprise us, it will change how we look at and define the concept of fun. The footage shows a young deformed Link, for personal preference I would not mind a more mature Link, but either way I know that I will not be disappointed. Why? Because they are not about looks they are about feel.
Tecnology is bad for gaming, whenever a new tecnical feature comes a long, developers spend all their time trying to implent it and forget about the ones who actually have to play it, as long as it looks good it is going to sell...