Zelda could be made into a fine movie, even for fanboys. You could cry about there not being enough temples, or whatever else, but key elements are all the movie would need:
A) Link being a boy in a town blah blah, going off and discovering he's DA HERO OF TIME
Getting the master sword
C) Zelda
D) Ganon.
E) Tri Force
F) Optionally, Goddesses. They're becoming a big thing now a days, if even just mentioned.
Fill in the in betweens however you'd like. LOOK at the Zelda's. Some of them have similiarities, but all of them are different. The plot follows a structure, fills in some key elements, and that's it.
Sure we'd like to see a fire time, and a water temple, and a temple of time, and yadda yadda blah blah blah. But where were those in a Link to the Past? Where were they in Game Boy Renditions? Hell, look at Link's Awakening. It hardly followed anything you'd see in most Zeldas, but it's considered a Zelda title and a GOOD ONE at that.
They could do a trilogy if they wanted to milk it, but I don't think there's a real need to. I think they could EASILY get the point across, with a little back story, and the key elements in 2.5 to 3 hours. The ONLY thing they'd need to do is STICK to those key elements verbatim. No trying to make it overly realistic, no trying to make it EXACTLY like the video game to where things like the Spinner from Twilight Princess exist. Just find a calm medium, and run with it.
Also: Totally CG would be pretty much ideal, but I think IGN's trailer is a good example that, if done live action with the right productions team and a good enough ammount of resources, could be pulled off so long as the actors looked a bit more accurate (and Ganondorf wasn't LITERALLY green).