New Item?

[BombchuPwns!]

Considering the magnetic platforms to the right, it may be a magnetic hookshot.

I agree with Caelus its like Magnet gloves in Oracle of Ages.

 

[zeldahuman]

ok, so using this link, and this quote from the article, "He also alludes to other new items showing up early - since he says there will be "a lot" of them I'm guessing he means more than just the Whip. Perhaps we'll get that mystery item from the GDC 2011 trailer as well? (Now that I'm thinking about it, that could be the digging tool alluded to at the exclusive press event)," i have concluded that this "new item" is a shovel. you can see the handle on top and the shovel part on the bottom...

 

[Celeboy]

I actually think that it is some kind of bomb, linking back to the up-grade system. It may be some kind of magnetic bomb, seeing has he is in a electronic/magnetic dungeon, that sticks to robotic enemies because (as in the e3 '11 demo) the bokoblins, and possibly other enemies, run away from normal bombs. It could also be used for sticking to ceilings to hit switches that may be bomb activated.