I don't think some of you understood what I was saying. Yes, the next Zelda needs to have numerous dungeons that are necessary for progress through the main storyline, but just as there are necessary dungeons, there need to be optional dungeons also. I too am not a big fan of collecting all of the pieces of heart, and other collectibles (although what else are you going to do once you have done EVERYTHING else?) and that is why I think that larger-scaled optional content should greatly influence how you play the game. Like what the Rat said - more tunics, weapons, etc, etc would be GREAT. I completely agree with that and that is something that I would love to have in the next game.
I am tired of wearing the same gear over and over (and collecting a couple of extra tunics for special use). I would rather have an arsenal of swords, tunics, boots, gauntlets, helms, and shields, along with all of the other items. I would hate to see Zelda fall off the cliff with weapons in that are only used for fighting (like the Elder Scrolls series). I love that all of the weapons and gadgets can be used for puzzle-solving and combating, and I would never want that taken away, but so many weapons feel incredibly limited. Your sword has always been the focus of combat, with the bow as an easy secondary. However, there are clever weapons like the hookshot, megaton hammer, ball & chain, etc, etc. that are a bit more difficult to use and don't have as great of an effect or design to the way you use them.
Just as the sword has a whole array of techniques and what not, I think the other weapons should be refined to match your sword, so it does not have to be your primary weapon. Perhaps some people might want to focus primarily on the bow, or a heavier weapon (like the examples mentioned before) but don't want to be limited as to how to use them. It would definitely add to the range of the gameplay mechanics - both in combat and other usage with all of the tools that you have.
Now, to get back to my original point. I would love to see every single area of Hyrule expanded immensely - with many more towns and settlements to visit. Now to counter what I just said, I do not necessarily want the next game to be based in Hyrule. It would be great to explore a whole new world - so we do not know what to expect at all. When I ventured into Ikana Canyon in Majora's Mask, I felt renewed completely. That region was the anchor for how different Majora's Mask felt to me (despite how different everything else was). Nevertheless, what world the next game is based in should not interfere with what the game needs - and that is much, much, much more content. I think the reason that TP was so limited was because it was made for the Gamecube. If it was specifically made for the Wii, then it would have probably been considerably larger and much more refined.
Not to sound redundant, but again, I would love to see the world greatly expansive - taking days (in game) to trek across, with many areas not accessible until certain parts in the game (necessary or optional). I would love to see a wide variety of equipment - both found in the wild, in dungeons, and purchased in stores (all vendors in Zelda games are rendered pointless other than buying one-of-a-kind equipment or restocking on supplies). I would love to see a world in real-time, with people migrating from city to city (meaning you actually see them traveling through the wilderness - which has really not been done before at all), people actually dying over time, merchants upgrading their shops, and some retiring, etc, etc. I would love to see a world that is constantly changing. Also, factions should play a huge part in how people interact with each other (both through race, class, alignment, etc). Imagine a group of demolitionists from Kakariko climbing Death Mountain (which needs to take a great amount of time to do so - scaling all kinds of canyons, nooks, crannies, ledges etc, all around the mountain) and as they are trying to blow up a part of it, a couple of Gorons become enraged and scare them away or kill them. Also, you should be able to attack pretty much anyone you want - giving you much more freedom.
As for who you play as - I propose that you should be able to create your own character, choosing your race, gender, height, weight, skin color, hair style/color, eye color, tattoos, etc, etc. I don't like the "class" system that is evident in many RPG's, for I think the only thing to affect your gameplay is your race and how you want to play. Imagine being able to choose from a Hylian, Hyrulean, Sheikah, Goron, Zora, Gerudo (female only), Kokiri (maybe), or even a Deku Scrub, amongst any other races that may be included. The possibilities would be endless, and the replay value would be immeasurable.