During the press roundtable at E3, Miyamoto talked about the future of Legend of Zelda for the Nintendo Wii. He wanted to let people know that Nintendo is working on it, and to prove that he showed off a piece of concept art. At that time (2 days ago), this was secret information. Now, the art has been made public.
I think it looks well done, and I especially like the paint effect. The question remains, who is the white Zora looking creature? The rumors floating around the interwebs is that it's the Master Sword in living form. That's an interesting theory, and the crystal on the creature's chest definitely looks like the one set inside the Master Sword.
