I LOVED TMC, it's still one of my favorite Zelda's.
But a new Flagship Zelda won't happen, because Flagship doesn't exist anymore. I have hope for a semi-action-oriented Zelda by Ready for Dawn, seeing that they already ported Õkami to the Wii, and that they don't make PSP games anymore, and Capcom has a healthy relationship with Nintendo.
Yet it still remains wishful thinking...