To be clear Nintendo announced that they are indeed working on the next full Zelda title in earnest. However, due to the long development time they decided to re-create one of the series most prominent titles to help ease the wait. Wind Waker Reborn is a fully rebuilt and improved version of the original with new models, textures, and clearly made for HD beauty.
This is something that has completely caught me off guard, and I'll be looking forward to it when it arrives this coming holiday.
There was much more mentioned during Nintendo Direct though, check it all out here.
----Strife Out----