Fantastic theory/idea behind the Zelda artwork girl

[Asriel]

Does the Master Sword mean Ganon is in the game?

I mean, Ganon was in LttP, OOT, TP... so was the Master Sword. (EDIT: WW too, of course)

Too soon to say, but I think it's more likely she's the Master Sword along with Link's Navi/Midna type character for the game, rather than her being every weapon.