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Basically, they're seeing new possibilities for the game, and want to implement them.
Getting the 2015 deadline is no longer a priority, although it's not stated the game will miss that deadline for sure. Note that there are no problems with development, nor is the game in development hell.
The game will also not be shown at this E3 as a result.

Now, the internet obviously already reacted with their classic doom thoughts and such, but just my two cents, a perfectly acceptable move.

Not only will it probably not hurt the Wii U like so many people think (remember when SM3DW or Smash or MK8 were supposed to boost the Wii U significantly?), but if it makes the game better (and I'm pretty anxious about an open-world Zelda like this) I'll take the extra few months wait.

I agree. I'm not in the slightest bit concerned. Hell, I'm not even really surprised. As for those that are worried, I'd like to remind you of something Miyamoto said when pressed about delays related to the release of Ocarina of Time.

"A delayed game is good eventually, but a bad game is bad forever."

I think the delay is for the better as not only would it release on the 30th anniversary of the franchise, but it would help some other games releasing this year like Xenoblade Chronicles X, Splatoon, Star Fox and Devil's Third not have to compete with a brand new Zelda title.

I don't think people are actually concerned about the game, but more about Nintendo and the Wii U.

But like I said, other milestone Nintendo franchises didn't turn the Wii U around, and neither would Zelda if it releases in Nov/Dec 2015.

Worst are the people who think the game will release on the NX. That's something that won't be revealed until 2016, and it will probably release in 2017.

Eh,better take time to make the game more polished

I'm not worried, that seems like a smart move.

Nobody should rush art after all. A game that colossal needs as many time as they need to deliver a wonderful experience.

Delaying is a good move. Take your time, Nintendo.

Reimagining the reimagining there Aonuma? Though I really do wonder if what he's got planned really does warrant a delay. Well, I can think of a few things, but must… not… overhype… self…

If World Impact becomes a thing (like making everything unshitty in Majoras Mask or the Guardian Tree Restorations in Okami) or some sort of multiplayer (like in Darksouls) gets added though…

That gives me more time to get a WiiU.