Before we can progress, there's a few decisions that have to be made.
Mainly, what will the game look and feel like? What platform will it be for? I'm assuming it would be for PC/Mac (you'll have to make it cross platform to get any kind of an audience.)
While I'm of the opinion that it should feel like Ocarina of Time, we'd have to find a way to take the feel of the combat from the intuitive N64 controller to the keyboard and mouse. I think one way to do this would be by having mouse controlled 3rd person camera that could rotate in a 360, but you could lock on to targets in a similar way to Ocarina of Time's lock. With bows and laser guns, having a mouse and keyboard is actually an advantage, with more precise aiming. I also think this format would be great for adding mounted combat (like on some form of ATV or underground horse?) I don't think the cave bit should feel closed off, as if you were in a cave, but rather it should feel like a gaping cavern with its own life. Stealth would obviously be key during this segment, forcing you to sneak up on larger enemies rather than trying to overpower them. That type of gameplay is impossible to get with a turn based game. Graphically, we could strive for something like a mix between Ocarina of Time and Halo: Combat Evolved. That being said, better graphics would be possible, but we'd need practice using whatever 3D engine we choose (Unity, maybe? Unreal engine is nice too, but I don't think it's free.) I think that you have to make the games that you want to play, and I've been wanting a game like this for some time. I'd like to hear your opinions, anyway.
On the 2D side of the debate, I think we could have a top down perspective, but we'd need entirely new art assets for the RTC. While I loved QoM, I think it was lacking gameplay wise. Mainly due to the fact that there wasn't much actual thought or strategy involved in the combat. I don't think it should be grid based. I think we need to convey the story in other ways besides just text dialog. Voice acting would be nice, but it'd have to be done well (which means I can't do it.)
As for making a 3D game being a huge challenge for us: yes, it will be. I have a friend who might be able to help with the coding a bit, and I can help with the art (mainly by critiquing it, and with menu designs and stuff that can then be polished up by somebody better at art.)
I don't think it'd TOO much of a challenge, though. I think with serious dedication we'll be able to make the game. And since this isn't my project, I guess I'll hand this topic over to Connors and Gan for the moment who will probably reject my (albeit very ambitious) ideas for a simpler 2D game.