The trailer that IGN released back in 2009 looked absolutely glorious! If it were real, it looked like it could be great since it was sort of a combination of OOT and TP by the looks of it. I only didn't like the way Ganondorf looked. But if they made a movie like that, it could be great!
There actually is a Zelda movie online, and it can be seen on Veoh. It's called the Hero of Time. I watched it, but I can't really say that I enjoyed it. It didn't feel like Zelda to me, although I loved the way they portrayed Ganondorf. This was a low-budget internet only movie though, so I don't know if it counts.
As for if I want an official movie based off the Zelda series, sure, if it's done well enough. The Super Mario Bros. movie sucks, so I definitely wouldn't want a Zelda movie to turn out like that. They'd have to do it so as to actually show the adventure aspect that the games have. Take Pokemon as an example of what a good Zelda movie would be, if Pokemon were live action. The anime really does do the games justice, and I would only enjoy a Zelda movie if it did the games justice. It is something that would have to be done very carefully, but it could turn out to be really cool!