The folks over at Imagi Studios produced a proof on concept reel for an animated CG movie set in The Legend of Zelda universe back in 2007. The film (obviously) never made it to the big screen—Nintendo is wary of such things, after all—but the clip has made it to the web, courtesy of io9.
Imagi Studios is the same animation group behind the TMNT and Astro Boy CG movies. There's no doubt that some significant effort went into making this Zelda reel, but I don't know how well it would have inevitably fit within Nintendo's universe.
What do you think of the proof of concept? Do you wish it was made into an actual movie? Let us know in the comments below.