Probably something that borrows different elements from various sources. I've always been a fan of the Wanderer from SotC, and the Prince from the latest Prince of Persia is really cool, too, so I'd like to see a little bit of both injected into Link's appearance.
Perhaps the hat can be turned into the extension of a hood-scarf thing, as well? That's always seemed like a cool idea to me. Oh, and some extra armor would be awesome. TP took it in the right direction with chainmail beneath the tunic, but I want some more.