It's most likely going to be 720/30. I guess there's a chance it'll be more, but I'm betting they're going all out on visual effects.
No please D:
This game needs 1080p. 30 fps would be ok, but we need all the resolution available.
Just look at that horizon, reescaling it from 720p would screw the nice effect..
Nintendo has showed bullshots in the past (with Skyward Sword), but those were blatantly obvious (I mean, 1080p screens from a Wii game), it's not the same that making us believe something that can actually happen.
And yet, they still have to elaborate on the game technical specs, so maybe you're right and it's bad news.
Hopefully, the fact that the game is being developed on an exclusive platform will help them to improve the optimization. They have to take advantage of all the hills and terrain elevantions to manage the draw distance cleverly.
Skyward Sword had really beautiful environments that we weren't able to enjoy due to that blurry/distorted effect. Please, Nintendo, let us have the crisp image quality we deserve this time!