Nintendo announced a new Legend of Zelda title during their 3DS themed Nintendo Direct earlier today. The game, set to release this holiday season, is set in the same world as The Legend of Zelda: A Link to the Past and the world of Hyrule will have a greater sense of height and depth. Link will also be able to transform himself into a 2D drawing to move along walls and get through narrow spaces.
A small bit of gameplay from the title was shown during the broadcast, which you can see below (35:30 mark).
