Having read the chronology section of Hyrule Historia, I can reveal the following:

The Hero's Shade is the Hero of Time, confirmed. Twilight Princess follows on from Majora's Mask. The Hero of Time remains as the Hero's Shade and instructs Twilight Princess Link because the Hero of Time has been largely forgotten by the time of Twilight Princess. Remember, Majora's Mask follows on from a timeline in which Young Link saves Hyrule not by defeating Ganondorf, but by warning Zelda of what will happen should she interfere and open the door to the Sacred Realm. The second act of Ocarina, the Adult Link era, only happens because Ganondorf anticipates what Zelda and Link will do, using them to enter the Sacred Realm. Without access to the Sacred Realm, Ganondorf is caught, imprisoned, and eventually the Sages attempt to execute him, as we see in a flashback in TP. So the Hero's Shade is the surviving remnant of the Hero of Time, but in the timeline in which he survives and has saved Hyrule and returned to the past, and THEN saves Termina, he is almost completely forgotten in Hyrule because his confrontation with Ganondorf and his defeat of the King of Evil never happens. Training the new Hero is his way of continuing his forgotten legacy. 

The Hero of Time dies in the Link to the Past timeline, because the Imprisoning War follows should Link fail to defeat Ganondorf at Ganon's Castle at the end of Ocarina. The Hero of Time disappears from the Great Sea timeline, because Zelda returns him to his original time (the 'straight line' section of the timeline that results in Majora and Twilight), where his heroic actions never took place. Ironically, in the Great Sea timeline, the Hero of Time is celebrated as a legend and remembered even to the time of Wind Waker, centuries later. In fact, when Ganondorf initially returns, the people of Hyrule expect a Hero to appear to save them, but the Hero's Spirit (as it is referred to in the chronology section) hasn't been able to reappear due to Zelda using the ocarina to give Link his childhood back.

It's important to remember that the history in the Legend of Zelda isn't constrained by how we percieve history. It's much more like Tolkien's legendarium--certain ideas and themes and heroes and evils are reborn in different forms throughout the Ages, so it won't make sense as literal, linear history. It will only make sense if we accept that certain people, spirits, ideals and evils will renew themselves from time to time. In Zelda, however, the Princess and Hero always have the blood of the Princess and the spirit of the Hero in them. Everyone is bound by the curse of Demise from Skyward Sword, and further bound by Ganondorf splitting the Triforce in Ocarina. For example, in Twilight Princess, despite taking place in the timeline when Ganondorf was stopped from entering the Sacred Realm, the Triforce still splits and resides in Link, Zelda and Ganon. The Triforce is the unifying constant of Hyrule, so it seems to be exempt from normal laws of space and time.  These powerful, binding ties, inevitably mean that during many periods of strife in Hyrule (though not all of them, as the Great Flood and Imprisoning War testify) the Hero and the Princess will return to fight the Demon King, whether that's Vaati, Ganon (the most common and continuous form of evil), or Malladus.

Well, they've been staffing up as of late, so they THAT should help some :P And if they start developing Zelda for the NEXT Nintendo console right after their new project I'm sure it would be ready for launch :P

Guys, I believe this is the best thread to post. I love to go around the internet and look for Zelda rumors, and found one big wall of text:

Before I start to post, hi everyone.

I was lurking around some time undecided to post the little tibidts I hear about the next installments in TLOZ series, but after the new Nintendo Direct there's a lot of possibility theses are real.

I'll like to post what I heard before the ND and then how it changed/confirmed part of this information.

IMPORTANT: I'm not a developer nor my "source" is. We aren't either involved in the development process. This information is going through Nintendo HQ as rumors, so you are free to believe or ignore.

1. Before Nintendo Direct 01-23-2013
There's information circulating inside Nintendo HQ about the next LoZ games for 3DS and Wii U. It isn't specific information as budget, number of dungeons or exact release date.

I'll like to start talking about some of the rumors that were posted before coming from this site. First off, Zelda U won't have the same budget/developers size as a GTA game. It's not in the same ballpark. Nintendo won't like to spend to much money in only one project, so forget about it. Also, this game could be the most expensive project considering each new instalment (at least on consoles) is more expensive than the last one and needs more people to be developed. For example, Skyward Sword is until now the most expensive game in Nintendo history and it needed the help of Monolithsoft. So Zelda U being the new one is not a rumor but a fact if we take in count the transition to HD.

I'll talk about the others once I progress in this wall of text.

About 3DS game...
- New game won't have the same artstyle as Ocarina of Time 3D. Apparently, remake in 3DS caugh off-guard Nintendo. They didn't expect to do that well, so once they considered to use the same style it was late as the project was too far to scratch all the work.
- While Nintendo can't use the same style for the next Zelda in 3DS, they are "using" Grezzo for help in the development process. According to this "rumor", the company wants this game to be finished as soon as possible, so the handheld team could switch to the console project.
- They could use the same strategy as with Zeldas DS: announced early in this year, show media until E3 and release in the holiday season. So an annoucement could happen at any time: a Nintendo Direct, GDC or investor breefing as they want this game to be their big hitters this holiday along with Pokemon (in the west).
- Now a very interesting tibidt: This game can be developed focusing on dungeons. Apparently Nintendo wants this game to be developed taking in count the "portability" it needs. Dungeons will have sections, and each section can be finished in an "average portable sesion" (I don't know what this mean, but it could be the average time someone spend on his portable device). Once the player finish a section, he can shut off the console and the time he likes to play again he won't need to go through the dungeon again, just the others unfinished sections. Some dungeons could have even 3 sections.


Now about the Wii U game...
- Game has a slated release date of Holiday 2014. Never was considered to be released during 2013 and delayed. Always was 2014.
- Nintendo wants the portable game to be finished as soon as possible so the handeld team can switch to this project. No word if Grezzo will also help.
- About the artstyle: the company wants this game to not have a big budget and after Zelda HD Experience at E3 2011 reactions they are experimenting in past styles. Ocarina of Time and Skyward Sword are the ones that they believe fits more with the experience that is likely going to be the new game. In that sense, the team would't waste time creating a new style and with the new engine the past ones will look "fresh" enough.
- The focus on the game, unlike the 3DS once, is exploration. Nintendo was revisiting 3 games in particular: Zelda NES, Zelda II and Ocarina of Time. The first 2 Zeldas because the exploration both games have and Ocarina because is the first transition to 3D. That's one of the reasons Ocarina 3D was made (also sales, of course). Hyrule Field is also a big point in the development as they want to share a experience more akin to the first two than 3D games.


As you can see, Nintendo is taking some actions to make this game fast and not costing a fortune.


2. After Nintendo Direct 01-23-2013

Bad news in general.

First, the Nintendo Direct confirms 2 of this rumors that I'll like to remember, are circulating through Nintendo HQ, so it isn't exclusive information (I'm actually surprised nobody posted this before). Anyway, the rumors are using past art styles and revisiting past Zelda games to back to its roots. And by that they mean exploration as the very first two games.

They showed us how Wind Waker and Twilight Princess in HD, but why not also the others?

Now the thing that made me post these rumors: Nintendo is managing Zelda 3DS and Zelda Wii U as a one sole big project, and because of that is why this kind of information is leaking. At this E3 Nintendo wanted to wow us with a new trailer of each Zelda along with "other games" (I suppose Mario 3D and Kart). Unfortunately, this won't happen. It is not normal to see this kind of information circulating inside Nintendo, but because of the scoope of the project they can't prevent this to happen. So don't expect this to be frecuent.

Let's start:
- Wind Waker HD is a project greenlighted at the last minute. Not that was decided five minutes before ND, but there were not plans to do it. I still don't know exactly the cause, but at this E3 instead of the new Zelda U they'll show Wind Waker HD. I believe development is not exactly as the wanted to be, so changed the original for the remake.
- Zelda games could be delayed. The intended release date is Wind Waker HD Q3 2013, Zelda 3DS Q4 2013, Zelda U Q4 2014. But Wind Waker HD altered the pland and could end like this: WWHD Q3 2013, Zelda 3DS Q2 2014, Zelda U Q4 2015.
- If the Zelda 3DS is not announced before E3, it will be showed during E3 or TGS pre-conference and released until next spring. So hope to be announced soon.
- Zelda U is going to be holiday 2014 or Holiday 2015. Not fall, summer or spring. If the game is not finished for the next holiday then it will be until 2015. Not earlier.


Again, this is information I heard and just posting. You are free to believe it or not.

Thanks.

http://wiiuforums.com/legend-zelda/5442-rumor-new-zelda-information.html 

Not the batlant crazy rumors we have always. I don't have time to discuss now this, but latter I'll post my thoughts.

Gahh, I hope not! We need more than 1 Retro game every 5 years or so! xD

Having read the chronology section of Hyrule Historia, I can reveal the following:

The Hero's Shade is the Hero of Time, confirmed. Twilight Princess follows on from Majora's Mask. The Hero of Time remains as the Hero's Shade and instructs Twilight Princess Link because the Hero of Time has been largely forgotten by the time of Twilight Princess. Remember, Majora's Mask follows on from a timeline in which Young Link saves Hyrule not by defeating Ganondorf, but by warning Zelda of what will happen should she interfere and open the door to the Sacred Realm. The second act of Ocarina, the Adult Link era, only happens because Ganondorf anticipates what Zelda and Link will do, using them to enter the Sacred Realm. Without access to the Sacred Realm, Ganondorf is caught, imprisoned, and eventually the Sages attempt to execute him, as we see in a flashback in TP. So the Hero's Shade is the surviving remnant of the Hero of Time, but in the timeline in which he survives and has saved Hyrule and returned to the past, and THEN saves Termina, he is almost completely forgotten in Hyrule because his confrontation with Ganondorf and his defeat of the King of Evil never happens. Training the new Hero is his way of continuing his forgotten legacy. 

The Hero of Time dies in the Link to the Past timeline, because the Imprisoning War follows should Link fail to defeat Ganondorf at Ganon's Castle at the end of Ocarina. The Hero of Time disappears from the Great Sea timeline, because Zelda returns him to his original time (the 'straight line' section of the timeline that results in Majora and Twilight), where his heroic actions never took place. Ironically, in the Great Sea timeline, the Hero of Time is celebrated as a legend and remembered even to the time of Wind Waker, centuries later. In fact, when Ganondorf initially returns, the people of Hyrule expect a Hero to appear to save them, but the Hero's Spirit (as it is referred to in the chronology section) hasn't been able to reappear due to Zelda using the ocarina to give Link his childhood back.

It's important to remember that the history in the Legend of Zelda isn't constrained by how we percieve history. It's much more like Tolkien's legendarium--certain ideas and themes and heroes and evils are reborn in different forms throughout the Ages, so it won't make sense as literal, linear history. It will only make sense if we accept that certain people, spirits, ideals and evils will renew themselves from time to time. In Zelda, however, the Princess and Hero always have the blood of the Princess and the spirit of the Hero in them. Everyone is bound by the curse of Demise from Skyward Sword, and further bound by Ganondorf splitting the Triforce in Ocarina. For example, in Twilight Princess, despite taking place in the timeline when Ganondorf was stopped from entering the Sacred Realm, the Triforce still splits and resides in Link, Zelda and Ganon. The Triforce is the unifying constant of Hyrule, so it seems to be exempt from normal laws of space and time.  These powerful, binding ties, inevitably mean that during many periods of strife in Hyrule (though not all of them, as the Great Flood and Imprisoning War testify) the Hero and the Princess will return to fight the Demon King, whether that's Vaati, Ganon (the most common and continuous form of evil), or Malladus.