Nintendo Wii fans got a huge game last May in the form of Super Mario Galaxy 2, but chances for an imminent release of the next Zelda, The Legend of Zelda: Skyward Sword, dimmed when Nintendo of America president Reggie Fils-Aime told Kotaku today that we'd find out more about the game at E3. The E3 gaming event happens June 7-9 this year. If Zelda news is part of that event, the game's coming out afterward. It has no official release date.
It's looking more and more like a 2012 release (at least in my mind). Remember, Twilight Princess got pushed back about 7 months or so at one point. I remember it was supposed to come out in May of 2006 but wasn't released until November/December of 06 (Wii, Gamecube respectively).
It's entirely possible they'll make it part of the holiday line up. We shall see.