Well, now that I think about it, I would like to add to the idea
The best way I can present this would be in specific points. Here it goes:
Console
In my opinion, I would like to see the return to Termina be presented on either the Wii or the WiiU, probably the latter with current development. The motion controls of the wii, again, in my opinion, make you feel more connected to the game, like you're actually Link, and that's just with the Twilight Princess method of flicking your wrist. I would like the new game to take on a feel of Skyward Sword, with more in depth combat, but with added magic characteristics. Plus, the DS games weren't all that hard, so I wouldn't want system limitations to ruin the game.
Story Information
150 years before the events of MM, Termina and Hyrule were very close. Both nations worshiped the three Goddesses, Din, Nayru, and Farore. One day, a traveler from the regions north of Ikana wandered into the kingdom. This traveler was strange, quite different in the physical appearance of the Terminans and the Hylians. This traveler was the demon Majora. Seeing the great land of Termina sprawled out before him from the highest point of Ikana Hill, Majora knew that this was his kingdom for the taking. Teaching the Terminans that he was the ruler, his pagan ways spread across the kingdom. A great tower was erected at the point where he first entered Termina, and that tower became to be known as Stone Tower, housing a temple worshiping the great might of Majora. Angered by Majora's actions, the Goddesses sent a hero to vanquish the demon. That hero was Link. Although, Link was young and feeble minded at the time. Sensing the Goddesses' intentions, Majora took Link as an apprentice, trying to alter his destiny. After 10 years of training, Link was strong and beloved by the Terminans who worshiped Majora, while he was hated by the small group who remained faithful to the Goddesses. Unwisely, Majora sent Link to convert these people to the belief in Majora. The opposite happened, they managed to bring Link back to the side of the Goddesses, the side of Light. With the Fierce Deity power entrusted to him by Majora, Link vanquished the demon and used his own power to seal both of them into masks. With no demon left to worship, the Terminans turned back to the Goddesses. The people took the two masks and hid them, putting Link (in the form of a mask) in a shrine, and Majora's Mask in another shrine. After the events in the game, Majora's Mask is stolen by the Dark Tribe and used in their hexing rituals.
World
In this game, the overworld would be much larger than that of Majora's Mask, and with more variance. The four main directions would remain though, with Woodfall to the South, Ikana to the East, Snowhead to the North, and Great Bay to the West. Each area would be expanded, and not so populated as it is in MM. Also, Clock Town wouldn't be founded yet, and there would be many villages scattered around the large Termina Field and the four regions.
This would be my ideal game. Any thoughts, comments, changes?