Why am I against the idea?  Perhaps I am just being too reactionary.  But I doubt it.  Basically, I am convinced that such an act will completely destroy the Zelda magic.  How?  Well, there are two options for multiple player.  Cooperative play and competitive play.  Competitive play means you play against another player or two (or 3, or 4...).  What does that have to do with Zelda?  Did you ever have to chase around another Hylian in the game?  Does shooting people with arrows have anything to do with destroying Ganon?  This isn't a shooter game, like Goldeneye.  This isn't a fighting game, like Street Fighter.  This isn't a strategy game, like Command and Conquer.  This isn't a party game, like Mario Party.  This is an adventure game with elements of RPG.  And adventure games, along with RPG games, have traditionally been single player (on consoles, that is, so ignore D&D).  Don't ruin that now.  

So what about cooperative play?  I'll admit, that's a much better idea, but it really is not feasible.  First of all, if there was cooperative play, here's how it would probably be set up.  There would be a list of playable characters, and when all of the characters are taken a game will begin.  Each person plays on their own and cooperates with each other to finish the game and beat Ganon.  It does not take too long to see the problems here.  The first problem is obvious.  When the game comes out, everyone will rush to their Gamecubes to start online games.  And everyone will want to be Link.  Slight problem there.  Then, there are actual problems within the game.  What happens when someone stops playing?  Simple, that character would be "sleeping" or something.  Next, what would happen if some people played the game more than others?  Simple, the others get to play more.  How would you feel if you and your online friends spent the past week collecting your medallions or whatever and you get online the next day, only to learn your friends already beat it.  Doesn't sound so cool anymore, does it?  Yes, there are ways around it.  But it is still sacrificing the gameplay.

Zelda is the epitome of single player games.  Playing Zelda, like a good RPG, is like reading a good book.  The storyline draws the reader or player in.  The action, excitement, characters, and plot keep the reader or player interested.  It is a personal experience, and one that is best done alone.  It is not there to test your reflexes.  It is not there to give you cheap thrills.  It is there to immerse you into another world.  It is there to wow you.  It is there to make you appreciate the time you spent staring at the screen.  It is an experience like no other.  And putting this experience online would ruin it.  Zelda is a personal game.  It doesn't need nifty online playability to make it better.  Zelda is perfect the way it is.

If Miyamato wants to make Super Smash Brothers online, I say go for it.  Mario Party?  Sure!  What if Rare makes Perfect Dark 2 online?  I'm all for it.  What if Miyamato wants to make an adventure game online?  Well, ok, but make a different franchise.  Make one suitable for online gaming.  It will sell, so he doesn't need too worry.  But Zelda sells fine already.  There is no reason, from an economic or gaming view, to put it online.  That makes Yamauchi's crazy words sound much better.