the story in Wind Waker is this:
- Ganondorf is defeated and imprisoned in the evil realm (Ocarina of Time)
- Ganondorf somehow escapes from the realm and starts causing havoc once again.
- everyone waited for Link to return but he didn't (because Zelda sent him back in time at the end of OoT)
- because the Hero of Time hadn't returnd, the King flooded everything to seal Hyrule away from Ganondorf.

we should be playing as the same Link from Wind Waker/Phantom Hourglass.

IMO they've finally found the NEW Hyrule they set out to find at the end of Wind Waker.

I would have to say this game will be at the end one of the 2 time lines since the technology has never been seen before in any other one...

how the fuck did the king flooded hyrule, with buckets? from what i recall the goddeses flooded hyrule

Didn't they show Hyrule Castle in the trailer?

It looks like your old-school Zelda setting. It's probably set in the post-Majora's Mask timeline (like Twilight Princess), but farther into the future after they have developed the use of locomotives.

Ganon sucked it up with a big straw.

For all we know the game could start out with Link on his boat, and he hits dry land.

The entirety of Hyrule was left in ruin in the adult Link timeline of the Ocarina of Time.  There has yet to be another Zelda in this timeline, as far as I know.

Every Zelda since takes in the young Link timeline.  In fact, don't they mention in the Wind Waker that the King had Ganondorf arrested and then sealed off once once his evil plot was discoever in the young Link timeline?  After young Link returns to Princess Zelda in the young Link timeline and tells her what's gonna happen?

I saw a town-ish thing in the trailer somewhere after that whole Link/Zelda scene. The town was in the background when Link was on the train.

                                          ---------twilight princess----------wind waker--------phantom hourglass-----any oracle

 the minish cap--ocarina of time

                                         ----majoras mask--legend of zelda--links adventure--a link to the past--links awakening--

                                         ----four swords---any oracle game

thats the accepted timeline and it makes lots of sense if you ask me, the new game will probale places after phntom hourglass.

The Train is just a metaphor for the journey Link is about to begin. Of course there will be an ocean! Nintendo has made it a priority that this game will be great. There will be an ocean of possibilities for us to explore and have fun!
Everything will be just like we're used to. Good Gameplay, Sound, Gfxs etc..