A brand new trailer for The Legend of Zelda: Skyward Sword was unleashed during Nintendo's GDC 2011 keynote speech. Check it out (in glorious stream quality) above!
The game is still not finished, but Nintendo said progress is coming along "nicely." Additionally, some hints were dropped that something special might be happening for the franchise's 25th anniversary, although nobody's quite sure what it is.
In any case, I AM EXCITE!