Firaga, i commend you for having an unpopular idea and sticking to it. While i agree that Nintendo has had this new Zelda in the works a lot longer than they'd admit to anyone else, i don't agree that they just threw WindWaker together at the last second either. I think Nintendo had more of an idea of what they were doing creating hype for a realistic Zelda game (I mean come on, video or no video, showing something as blatantly Zelda as the Spaceworld video, Nintendo knew what kind of conclusion fans were going to draw from it), then releasing the exact opposite type of game, only to announce a realistic game. Has anyone observed the type of reaction this game has gotten already? I gaurentee it would not have gotten this type of reaction if it had not been preceeded by Wind Waker. Hence why i believe Nintendo's been planning this since the SpaceWorld video, regaurdless of if it was "made from" said video. Hence the conection everyone seems to notice. As far as OoT vs. MM, i also see your point. I don't think MM was a rehash of OoT so much as there simply wasn't the same level of effort put into it. MM had so much untapped potential that was obviously overlooked, whereas OoT obviously was used to its potential. Also, both WW and MM to me had a feel of just being thrown together because they were so unnessesarily short. And while both are good games, they undeniably could have been better if more time had been spent on them.
As far as the whole issue of where this new game fits in with the previous games, i tend to throw out the idea that they are all unconnected alternate universes, because they already contain alternate universes such as termina, with reference to the original Hyrule. There's no reason to assume the games are unconnected becuse given enough time between each game, its possible for them to fit together, and of course there are the constant reference in each game to other games. Until now, the Zelda games have been a fairly predictable formula. Every odd game introduced a new Link and Zelda, having them defeat Gannon. Every even game then detailed the later adventures of the Link from the previous game. The Oracle games presented an odity, but only in that the cycle was reversed, introducing Gannon and Zelda in the second half of the story instead of the first. However, Four Swords presents a bit of a problem with that formula if it is factored in, as it doesn't appear to fit with Wind Waker. Maybe Four Swords and Minnish Cap will be related? In any case, it seems that the previous formula has been discarded, or maybe it was unintentional in previous games. Anyways, I think there is a good case both for it being a continuation of WW and for it not being a continuation of WW. There's the notable fact that Link is older, and from the way he is talked about it seems as though he is an already established Link, not a new one. However, there is also the notable lack of water and boats and explination for where they went and what happened to them. Then again, this could be a story about Link and Zelda establishing a new Hyrule which is the Hyrule in LttP/LoZ/other Zelda games which take place after WW. In any case, the point is... your guess is as good as anyones right now.
I think i overdid it cause that's gotta be more than two cents... that's like... five cents at least... it feels kinda weird saying that's my daily nickel... um... nevermind...