I dunno, I remember being pretty hyped and seeing a lot of people pretty hyped by that one April Fool's trailer IGN made several years ago.
I think at this point I would prefer a live-action one, if only because it would force them to go down a different path and tell a different story. I think with an animated one, the temptation would be far too great to simply take one of the Zelda stories and put it on screen verbatim, which would be a huge mistake. The best video franchises to hit film are the ones which have striven to tell new stories while following only certain motifs of the games they're based on. The switch to live action would force them to take the liberties they need to in order to make something which can stand on its own.
As much as "staying true to the original" is important, so is making a story which feels right in the medium in which it's being told. Video games are more different from film than people like to think, and trying to tell a story in a TV show which was well-told in a game would feel awkward to outsiders and disappointing to fans. Liberties will need to be taken to make it to work, and while purists won't be happy, I hope the writers are brave enough to do it. It will most likely be very different from any Zelda game which has come out, but that isn't a bad thing. A TV show does not diminish what the games are, and the only thing the Zelda series deserves less than a TV show which is radically different from its source material is a TV series that sucks because the creators were trying to suck up to fanboys.