Eiji Aonuma (an important figure in the Zelda-making universe) was asked why Link looked so different in the Wii U!The Legend of Zelda trailer, and he responded with: “No one explicitly said that that was Link.”
Of course, that could mean many things but let me point out something else.
A very awesome guy named Aaron Diaz created a project called The Legend of Zelda: Clockwork Empire that featured Zelda as a protagonist and Link as a prince. Some time after his project became very popular and received high praise, Mr. Diaz posted that Nintendo contacted him via e-mail. It could have been related to legal issues involving his project; however, I am skeptical about that explanation because (1) artists who receive cease-and-desist letters cannot post anymore art related to complaint received from the company involved–he posted new TLoZ:CE art today, and (2) as far as I can tell–with my limited legal knowledge, mind you–he was not breaking any laws. He never claimed that those characters were his and he gave full credit where it was due.
Plus the optimist in me wants to believe that tone of that entry was positive, if not neutral.
Of course I could be completely wrong, but it really changes nothing for me. I will not lose interest in this game whether the protagonist is actually Link or just someone else entirely. So, it’s definitely a win-win situation!