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Radiostorm: What would you be doing in an online Zelda game? Run around slaughtering moblins until you level up?
I always figured a PSO type game would fit Zelda fairly well. Pick a race (goron/hyrulean/zora/etc.) a class (melee/ranged/caster/etc.) and battle through different levels with your friends picking up loot and snagging experience. Zelda has always had great battle mechanics; they could build on it a lot for online play.
That's a pretty abstract idea though. Four Swords online would be more sensible. And practical too, since they game wouldn't be ruined if one player had to leave (as happens so often in online games). Other players could take control of the odd-Link-out easy-peasy using formations.