This looks awesome, way better than the US version. It's also the first cover for a Zelda game with Zelda actually on it, not counting the CD-i games. But she looks a little pale. However, I especially enjoy the landscape with the tower and ice mountains in the background. The whole cover has a feeling of exploration to it and exploration is probably the most important factor in a Zelda game. The cover makes me wanna explore this new Hyrule (or whatever the land is called). Talking about that, according to Kit Ellis of Nintendo of America you will be able to lay out your own tracks later in the game and explore the overworld that way.
The tower in the background is huge. I mean really huge, just look at the mountains in comparison. I wonder, what's up with that. Worst case scenario would be an upward variant of the Ocean King Temple. But since a Phantom is on our side now, I at least hope, that there won't be any stealth action involved.