I personally would not want to see the Zelda series die. It's my favorite Nintendo franchise, and I LOVED TP and think they can do better on the Wii, so I'd be devastated.
I know a lot of people who complained about TP, but I personally liked it and saw it as a sort of testing the waters game. It was kind of like Nintendo was testing what they could do with Link on the 'cube.
So I think if Nintendo takes what was good about TP and builds on it, the next Zelda game will be really stellar.