The The Legend of Zelda Wii U is in development, and the direction of the game is "pretty much determined," according to Shigeru Miyamoto, who revealed that the reason the game wasn't at this year's E3 was to allow other game's from Nintendo's stable room to breathe at this year's event.
Miyamoto, in an interview with GamesIndustry explained the reasoning behind Nintendo's decision not to show the game: "We were worried that if we showed the new Wii U Zelda game then that would attract all of the focus, and really what we want people to be aware of and pay attention to here at E3 are the playable games like Pikmin 3 that we have coming in the immediate future, because a lot of fun is with the games that are coming out this year. So that's why we decided not to show it this year at E3, but it's certainly something people can look forward to."
When asked if Nintendo were planning on showing something later this year, Miyamoto replied: "I think so, maybe. [Laughs] Maybe after we've seen enough people enjoying The Wind Waker HD, then we'll think about sharing something with them about the new Wii U Zelda."