I've been wondering the same thing about Zelda... he hasn't really updated on her at all. I was hoping he'd update on her today or yesterday, so she could be in the demo (though I suspect the demo will be the same one the press people were playing). I mentioned somewhere that my boyfriend suggested that maybe her Final Smash is a Twilight Princess spoiler, but how long does a game need to be out before stuff doesn't count as a spoiler anymore?
I really hope her Final Smash has nothing to do with Sheik, because (assuming she plays like in Melee) then I will have to avoid Smash Balls like the plague - turning into Sheik is no advantage to me and my playstyle.
I feel like Sakurai just isn't updating on Zelda because he neither wants to confirm nor crush the Sheik players' dreams.
That glowy move in that clip was very interesting. If you notice, a fairy flies around her, but I can't tell if Link made the fairy appear, or Zelda. Watch it again. It looks to me like Link did it, but I don't know. If Link DID produce the fairy, what's up with that?
It would be neat if it was a healing move. Looks slow enough to be reasonable. But that makes me fear that Zelda is going to suck as much as ever, and to compensate they are going to allow us to heal occasionally as to not be knocked out quite so easily. Wouldn't help enough against speedy Foxes and the like, although I can't really judge anything yet, because every judgment is essentially based on how Melee plays, and who knows precisely where Brawl will be similar and where it will differ.
Also, it would have to heal at least 20%, or better yet 30% like Pluvia said, otherwise it wouldn't make enough of a difference to really prevent knock-out....
I really hope they reveal more about her soon.