Aw, you negative nancies.
I'd enjoy a Zelda MMO! As long as it was done right. To my standards.
I dunno, I feel like it'd be really fun to have a Zelda MMO, where you could go through dungeons and temples with a whole bunch of different races from the series. Maybe set in an alternate world, though; I don't really think I'd like to see it set in Hyrule, because I don't think it'd be big enough for an MMO universe. A new, giant map with a whole bunch of dungeons and temples, though... wheeee. I'd play as a Gerudo!
I don't think they'll ever make anything like it, but I'd definitely play, as long as it was created pretty well.