Shigeru Miyamoto held court at his 2010 Developer's Roundtable with The Legend of Zelda: Skyward Sword director Eiji Aonuma to discuss Link's second adventure on the Wii.
Now scheduled for release in 2011, Skyward Sword's story will focus on the creation of the Master Sword, which we actually first glimpsed in the concept art first released for the game at last year's E3. According to Miyamoto, the blue figure that appeared with Link on that poster is the humanoid form of the Skyward Sword itself, which "possesses intelligence." Over the course of the game, the Skyward Sword will become the Master Sword.
Miyamoto also talked about the game's art style, saying he's a big fan of Impressionist art, so he wanted to incorporate that into the game. He specifically cited Cezanne as a big influence.
Finally, Nintendo publicly released the game's trailer, which can be viewed right here: