Hmmm...well, people were at first skeptical of Metroid Prime, since all Metroid games at that point had been third-person sidescrollers. While I'm not sure how it would work for Zelda, I wouldn't mind if they decided to try it out. Who knows? It might be as awesome (if not more!) as MP.
Open mind, people!
A first person Zelda would feel very similar to games such as the Elder Scrolls and Portal. Yes, puzzles could still work, but I think that that is pushing it too far. A complete first person Zelda game would mess with the gameplay of Zelda which I personally do not want. The exploration in Skyrim was cool, but the puzzles and traps just didn't seem to flow as well as Zelda puzzles. Now this could be just Nintendo having more creative ideas for puzzles than Bethesda, but I really think it had more to do with it being first person. There doesn't seem to be the same satisfaction for solving the puzzle in first person.
I mean think about it. If you had a block puzzle like in Zelda with first person, how would you tell how far you had pushed it and where you were going. All you would see would be the massive block covering your screen.
Basically first person works for many games and genres including the action adventure ones, but I feel as if Zelda would not be Zelda if you couldn't see Link.
The thing with Metroid though is that it was already a shooter. It made sense for Metroid to switch to a fps type of game and it worked perfectly. To that I guess you could say that first person has worked with the Elder Scrolls, but when I played it, I was never really a fan of the melee. When I was using magic and archery, the first person mode was excellent as the controls worked perfectly for it.
With Zelda though I love being able to see Link and have him interact with his environment. That was really my only complaint with the Prime Trilogy (and it was a minor one), I wanted to be able to see Samus. While Link is suppose to be a link to the player and that would make even more sense if it was first person, I really just like seeing his character. With the Elder Scrolls, I spent all this time creating an awesome looking character, but then when I started playing I realized that my customization really didn't matter at all as I would never be able to see him. Yes you could switch to third person mode, but the third person of Skyrim was just awful.
So yeah it Nintendo worked on it, it could work very well, but I will always want Zelda to be third person.