My guess is probably not. As far as I understand it has been "in development" since 2005, nearly 4 years later and we have only seen a few screenshots and trailers. I reckon the whole project will be canned eventually, either that or Remedy (the developers) will wait to see how well games like Resident Evil 5 and more likely Silent Hill 5 are received before making a decision.
And everyone hopes it will be released soon, but nobody knows how near Remedy are to finishing it. Recently a Remedy representative released some teasers on the forums (same place as the link above), so some are speculating it is near, and could be released in the second half of the year. But best thing to do is believe nothing that comes out of anywhere but the forum mods and Remedy themselves.
would like to ask if there is ever going be another 'Zelda' Possibly on the ds? my 9year old daughter loved the Zelda-phantom hour glass, completed it within a few weeks of her school break! And now play,s The Legend of Zelda: The wind walker ( Game cube ) on her Wii. mrs j morley