Link represents the players
The players are both male and female
Link is both male and female

Now that would be interesting. 

Although the idea of genderswapping Link and Zelda would actually be really interesting. Or maybe even just have a female Link and a female Zelda. Or a game where you play as Zelda (That isn't developed by Phillips).

I think there should be a choice for the player at the start.

Grrr, so hard to tell if they are female breasts or not from that pic

cant see first pic

Maybe link found an item that cursed him into being a female and the entire quest is to find a way to become male again. In the end though Zelda likes Link as a girl and they live happily ever after as lesbians.

Link sounds hot

Well, it is a pre-alpha build by the looks of it so it could just be some wonky looking texture or something weird with the model proportion when turning

Never understood these claims from the start, nothing about his face or hair would say that he's female but people kept using both as their reasoning as to why it must be a girl.
Not saying Im against it being a girl but Im highly doubtful of it.

His voice when riding Epona tell he is a man as he has always been.