Cel-shading makes a game look like a comic book. It worked OK for JSR (which was ok because it had a comic book storyline anyways), but I don't know how well it will pan out on other games. I'll tell you one thing, though, if the E3 shots of the "new cel-shaded Zelda" look anything like the finished product, it will probably be the first time I've ever skipped playing a game in the Zelda series...
http://cube.ign.com/articles/137/137012p1.html
Sorry to say this, but Link looks like a total dork...