My first reaction was one of skepticism, mostly because after seeing the picture from E3 '09,
I wasn't expecting the graphical style we eventually got, much the way I reacted to Windwaker after expecting the graphics shown in the E3 '00 video.
Recently, however, the game has been looking more and more promising as I got used to the new graphical style. Using the Motion Plus controls promises the game to be what I was hoping Twilight Princess would be: 1 to 1 control of the sword. The greatest disappointment of the wii to me was the limitations to the motion controls. With Motion Plus, the Wii can finally be what it should have been.
Others have commented on (There's an entire thread about it at the moment) the stamina circle, saying that it will deter gameplay. After rewatching the footage of the game available, it really doesn't look like it will do this (much) and will be more like the diving meter from the N64 titles.
Though it does look promising, after more recent titles, I'm hesitant to get too excited for the game. With that said, the combination of all the different elements from other Zelda games into Skyward Sword sound intrigues me, and I'm planning on getting it the day it comes out.