I am aware, but if you were familiar with Okami you would understand what I said (several months ago I might add). The two styles are extremely similar and there are things in this picture that look more Okami than Wind Waker. It hardly matters though. Either way, the style is awesome.
P.S. GO OUT AND GET A COPY OF OKAMI FOR THE PS2! It is honestly on par with ANY Zelda game and that is coming from a die hard Zelda fan. Seriously, you won't regret it.
It's basically Zelda if Link were a sun goddess taking the form of a spiritual wolf running around and saving the world from evil corruption and demons and restoring the world back to it's original beauty. It is an absolutely gorgeous game (one of my favorites right up there with the Legend of Zelda series). It's full of mythology from multiple different Asian cultures and the humor is funny as heck. So... basically, to actually answer your question ^_^ the answer is that it's the sandbox style like Zelda.
It's seriously one of the best games ever made in my book, but why take my word for it? Here is the official preview on Youtube.
Also, scratch what I said in my previous post. Apparently it's come out in Hi Definition for the PS3. If you have one of those, that it the copy that you want to get a hold of. I'm not a huge advocate of games having to have crazy graphics in order to be fun, but the visual style on this game definitely makes it one of the few in which the better your visual definition quality, the better your experience; the art is absolutely stunning.