It appears to be making very good on its word to create a classic top-down Zelda experience with a distinct MLP feel. Check out more after the break.
In terms of gameplay details, there's been news of loads of secrets to find and item slots(whose quantity directly affect the game's difficulty- there's a poll regarding that here: http://polldaddy.com/poll/5531194/)
Another music composition from the game has also been revealed: the Canterlot theme.
Between this and the last theme, the music has a very retro RPG style. It really is pretty, and I can't wait to hear more. The game's writer, Lucan, has set the release date for sometime after December. But with Skyward Sword to tide us over, so the wait shouldn't be too agonizing.