You know what? I'm pretty sure that Nintendo had a game that they were working on for the GameCube that had similar footage with different characters and, obviously, different graphics. They abandoned development to work on another game if I remember correctly. If I can find the footage I'll post it.
Personally, I'm not excited about anything Nintendo is doing with the WiiU. I think this is a glaring example of their inability to create new and exciting content. I don't own Skyward Sword for the same reason (and I love the LoZ franchise). All of their efforts are going into the 3DS, which has a pretty amazing library. We'll know more after the holiday sales figures are published, but I think Nintendo is going to need to rethink the WiiU if they even care about it anymore.
The only games I would purchase alongside a WiiU this point are both remakes - Windwaker and Monster Hunter - which is why I have no need to make a purchase. The same could probably be said about the PS4 at this point, but at LEAST I can trust Sony to pump out a few games that I might actually want to play in the next year or two.
EDIT: Here you go. It was called Raven Blade.
So they're looking back through abandoned projects, applying the Zelda theme instead of just putting out a new franchise, and expecting everyone to be super excited? That's just lazy....at least that's my opinion of what's going on.