Basicly I think we should think out of the box, not necessarly using Items that have been used in previous games, and not necessarly using items from previous games exactly the same way. In order to make this game more interesting and more fun, and to separate it from the other zelda games.
E.g. Rocs feather... jump and jump, jump over holes and moving obsticles... great!
Now how about jumping from one building to other building and over small ledges?
How about a magic staff esque item. That can stop and magically fix items of age, and power objects? So lets say theres a golden sun like puzzle that these power must be powered by this staff after shorting them out. Or one of the gates mechanism out of hyrule castle has been destroyed and you must fix it with this rod, inorder to go through it. In battles this rod could disable enemies... like stone statues... or power up ancient statues, that may aid you in battles and other tasks.
Just some ideas for you guys to consider.