Alrighty. Guys, please play nice. This thread has just been changed to the "Futuristic Zelda thread", and now will encompass this whole idea.
Link183 and all, if you have specific storyline suggestions( unless they directly apply to this thread ), they should go in here:
New Game Names & Storylines
On topic, I think this is a brilliant idea: the idea behind the Zelda franchise would work in any time period. A Hero will always arise to defeat evil, though his methods may change a bit.
I can see you wanting to avoid the Star Wars comparisons, but the fighting methods would be appropriate/similar, as would the inclusion of the mythology in a modern setting.( like the Jedi stuff )
Here's a question, how would Princess Zelda fit into this future setting? I doubt absolute monarchs would exist in this timeframe, yet her personality may be fitting to a different role, politician, military leader etc.