Speaking with gamerTM, Shigeru Miyamoto teased that the possibility of incorporating the Wii's Vitality Sensor into the new Legend of Zelda is very much within the realms of possibility.
"Whenever we are going to use any new device it is possible to expand the appeal to those who are new to the videogaming world. At the same time, however, it is also fun to think of ways in which we might apply that new technology to existing forms of gameplay..."
The game is already said to be using WiiMotionPlus and the possible inclusion of the Vitality Sensor could make for some interesting gameplay. Miyamoto mentions that perhaps "as you become more scared, the enemies become even tougher."
Details a sparse about the new Zelda game with no mention of a release date yet.