This is from the GDC pdf factsheet from Nintendo's press site.
The Legend of Zelda??: Phantom Hourglass
(GDC two-player version)
Launch Date: Holiday 2007
ESRB: RP (Rating Pending)
Game Type: Action Adventure
Players: 1 or 2
# # #
??? Two players battle one another in a race to see who can collect the most Force Gems within a limited amount of time.
??? Players alternate between controlling Link and controlling three phantom guards.
??? When a player controls Link, he can race to key locations to grab Force Gems. When a player controls the three phantom guards, the mission is to keep Link from the Force Gems at all costs.
That just describes the 'mutli-player' version.
I must agree the graphics do look slightly improved. I'm happy to know that Nintendo is still keeping the strong puzzle aspect of the handheld games for Zelda. I have to say thats one thing I love, and I think this is going to encourage the thought process much better than Zelda games have in the past.
Too bad we have to wait until December of this year.