I have played the new Cell shaded Zelda and to be honest it looks nice, almost like taking control of a cartoon world, but having said that its all new, a novelty that will probably soon fade.
I got to play 2 big titles on the GC the past week, StarFox and the new Zelda, i know which one had me in awe over its lovely gfx and there was no cell shading to be seen ;-)
