There has been close observations about the character standing behind Link and it's basically fact that s/he is the Master Sword or closely related to it.
Shigeru Miyamoto announced it in an interview with IGN and said that it's set in a completely different era than Twilight Princess though Link is older.
I can honestly not see this being released until 2011 at the earliest, no matter how far into production their in. But I'm already unbelieveably excited.Miyamoto to IGN wrote:IGN: At your developer roundtable this week, you showed off a single piece of artwork from the next Wii Zelda game. This piece of art has not yet been released publicly, but we noticed that Link appears to have grown to full adulthood. He looks older than he did in Twilight Princess. Is that a correct assumption?
Shigeru Miyamoto: Well, the story setting for this Zelda is, of course, in a completely different era and Link is older than he was previously. More approaching adulthood. There is one hint. Maybe from the art work you can see that he's not holding a sword.
IGN: Has he lost his Master Sword?
Shigeru Miyamoto: [Laughing] I just wanted to make sure that you understand we are making it. That's all I'm going to say on that subject.
Discuss, discuss, discuss.