I absolutely agree. I've also got some ideas regarding a modern-set Zelda theme, and even in the extensive realm of both crappy and non-crappy fan fiction, I've come across some really interesting ideas.
Simply put, if handled properly by intelligent writers with foresight and good planning, a new Zelda game could really benefit from a new, modern setting that draws heavily upon Zelda mythology and how it comes into play in the modern world. Time elements could be extensively used, and the blending of modern and medieval settings could be very engaging.
Alas, Nintendo has never been known for its unique and novel story-writing, so I won't hold my breath.