Yes, but the progression is still almost completely linear. You do one thing, then you can do the next, then whatever comes after that, etc, Link kills Ganon, Zelda blueballs Link, credits roll, done.
That's really what separates Zelda from a game like Skyrim. Zelda has a much clearer and more concrete progression through the game that you are meant to take. TES on the other hand sets you loose in the world to do as you please, even completely ignoring the main quest for the numerous other things the game has to offer.
I think there are ways in which Zelda can benefit from some more traditional RPG elements: optional quest lines, multiple endings, and a possibility of different character setups. Especially the possibility of multiple story paths. Maybe Ganon's got a point after all is said and done: he alludes in Wind Waker that his people were seriously mistreated by the Hyrulean government. Or maybe Link is an atheist who doesn't give a rat's ass about some magical fairy goddess prophecy: realistically, if you met some self-professed prophet on the street, you usually just ignore them, especially if it's a giant talking tree in which case you have your friend take you to a safe place until the shrooms wear off.
I would really like to see that kind of approach to the world of Zelda. There's a huge amount of untapped potential for quality RPG material, and in my opinion it's being wasted. Although, I guess given how much of a juggernaut TES is it's important that Zelda find a way to differentiate itself. Trying to compete directly with AAA developers tends to work out poorly for Nintendo, ie, Metroid Prime's poor sales due to trying to compete with Halo.
Open world probably means they're going to expand on what they did with Link Between Worlds: strip away the directly linear progression and give the player options about how to approach things.
Hopefully it also means they're going to decompartmentalize the world a little. This was Skyward Sword's big problem, everything was just a series of rooms connected by a hub world. OoT and TP had this issue too: the action takes place in what basically amounts to sets of rooms connected by a large but mostly empty overworld area, and while I'll always remember the first time I crested a hill and looked out over Hyrule Field, it got stale REALLY quickly. This breaks the "organic" feel a world must have to immerse the player: is this an actual place in a world, or is it just an obstacle course with some contrived excuse to fit with the storyline, with an overworld area for no other purpose than to pad things out?
Zelda's open world style works best at two extremes: Majora's Mask and Wind Waker. MM worked because the world was just large enough to contain everything, but due to the time limits the world had to be small to keep travel time to a minimum. This increased the density of the content for the space and worked out giving the game a much more unique feel that kept new areas continually interesting.
On the opposite end, there's Wind Waker, which compared to the other games was HUGE. WW was linear but it didn't strongly hold your hand, especially in the last stage of the game. There was a real sense of exploration and discovery: seeing the silhouette of an island in the distance and deciding to check it out on curiosity alone. Since the game's world was a bunch of separated islands, every island had to be unique and interesting.
So if you're going to have the "open world" model, either make it small and dense with interesting content, or if you're going to make it large focus on exploration and non-linearity: do not give me a world as large as TP's and just drag me back and forth over the enormous map. That makes the walking a chore, not a part of the adventure.