In a recent interview with the man behind the next Zelda installment for the Nintendo GameCube, Eiji Aonuma, he revealed that the new Zelda will be set chronologically after Wind Waker. He also said that the game was slated for a late 2005 release in Japan. Whether this means that the game will not ship to North America and Europe in '05 was not revealed.
Mr. Aonuma did would not say much about the game, however, he did say, "I can reveal one lone secret: it'll be very, very beautiful." Sounds good to me!
Mr. Aonuma went on to confirm that there is indeed a Zelda title in development for the Nintendo DS. He said that his work on Four Swords for the GBA actaully influenced the DS. He also said that he regrets not creating a demo of Zelda DS to show off how well it works on the DS.