If they bring back magic, I don't think they should use something old. It has to be a new spin on magic: different spells, different use, etc. It's true that Zelda has a formula, but the formula has lots of variables. The new Zelda has to be a Zelda game, but a new game at the same time.
That said, I'm all for seeing magic again. I have read somewhere that Hylians have the most aptitude for magic, yet we have never seen a Hylian use magic of their own one time. The Sheikah do that cool teleport thing, the bad guys are all sorcerers or some such, and most of the races in Hyrule are magical by nature, but only Zelda, possessed in TP, has ever actually used magic of her own.
Wouldn't it be cool for Link to have to learn magic, being trained by someone with a similar role to the Hero's Spirit in TP?

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