My favorite moment would have to be when Nintendo shocked the world with the news that the new Legend of Zelda for the Gamecube would use cell-shaded graphics. This broke many people's hearts including myself. I bought the game anyhow and it was a good game once you got over the graphics. Nintendo blew the world away with there eye-poppin images of what was supposed to be The Legend of Zelda for the Gamecube at Space World 2000 to the Zelda we know now for the Gamecube Wind Waker. Check out these images from Space World 2000, it only has me wondering what Zelda could of been.
My favorite game would have to be the first Zelda for the NES.