We had long period seperating LoZ, AoL, ALttP, LA, and of course...OoT.
And then with the success of OoT, Nintendo seems to have released more true Zelda game than they have Mario games.
The series' rival would be Final Fantasy. Both have about the same amount of titles in them. But Zelda was up to five games when FF was up to seven. Zelda's caught up and is on the way to surpassing it.
I love Zelda games, but I do think that they are kind of milking it now. Could've done without the Four Swords sub-series (as much as I love TMC) and possibly the Oracle Series. Or...having OoT rereleased twice in such a short period of time (or having the original LoZ on Collector's Edition, GBA, Animal Crossing, and VC in such a short period of time).
Regardless, I'm glad this title is on the way. Development started in 2005 before TP was even ported to the Wii. There should be some time before this is released. For starters, Phantom Hourglass is due late next year (and we haven't even had Tingle RPG yet). All Zelda games come in pairs:
LoZ / AoL
ALttP / LA
OoT / MM
OoS / OoA
FSA / TMC
TWW / PH
TP / ???
This next title should be a follow up to TP. However, unlike MM, they can't (or shouldn't) reuse most of TP's resources. It's a true Wii game (not a port). The graphics should be better, the audio should be improved, etc. It'll probably be a modification of the same engine (they've been using this engine since OoT O_O I really wouldn't mind if they started from the ground up). It should also be very different, control-wise, from past Zelda-games.