Mike Fireball said:

While I still don’t see how giving a voice to an established character break that enveloping, I do see Emily’s point about language. Rewriting Hylian signs in English would affect the art. Though I would forgive English signs in a Zelda movie, just because it’s quicker and easier to process for the average viewer.

I’ve noticed in Twilight Princess how everyone’s lips are moving, but they don’t move the same way as the text, and I’m not too sure about Japanese, but that may be a way they let us know they’re talking in a completely different language. The text box on the bottom of the screen is the only way we know what they’re saying. I wonder what it would be like to have voice acting… in a made up language, hahah!

Emily said:

I like the separation, because it (ironically) helps me feel enveloped in their world. That might sound weird, but that’s how I feel.

Thats the kind of message I am trying to convey. All media tries to envelope the viewer, and certain aspects, like voice acting, can make or break that involvement.

But aside from voice actor quality, there’s also the accent problem, like Robert-UK said. Chances are there would only be English and Japanese voices, as those are the leading regions in the market. But, there’s a million accents of English, and a lot of people would be disappointed if they all spoke with an American accent, and even more who would simply detest upper-class English, and I really doubt they’d go through the trouble of recording more than one accent. No really, I truly doubt it would ever happen (they didn’t even replace bar with pub in the European version of TP :o)

And even if those two issues are dealt with accordingly (top-notch voice actors and multiple accents and languages at your choice) then there’s still a lot of people that just wouldn’t feel it fits the series, me included. Unless carried out perfectly, it could also ruin the mood present in the Zelda series. But, if done perfectly, then I’d actually like to see it, yet…I don’t even know anymore =P

Oh, and no one’s mentioned Midna’s “voice acting” yet

All the other characters already have established personalities and giggle and gasp and stuff. There really isn’t THAT much left to the imagination, so come on, Nintendo. Take the next step.

People look at failed attempts like the cartoon and CDi that Nintendo game developers had little to no hand in controlling.

Unfortunately, the only recent game I know of that is anything like Zelda that had good voice acting is Kingdom Hearts, and most of those characters already had established voices and personalities.