here is the direct quote from Iwata...
"Having said that, however, as I mentioned, it is true that, in some software areas, we need to be engaged in the power games. Take The Legend of Zelda franchise, for example, the fans must be looking for the graphic representations that they do not see as cheap at all when the title is released for the Wii U. When it is necessary, we do not hesitate to role out our resources."
Im thinking this is why they have refused to show zelda. They know it must be a showstopper, and internet goers are too damn obtuse to recognize the potential of a work in progress.