Quoted from Zelda Infinite
• The game will diverge from the established dungeon-field-dungeon gameplay style. (confirmed by Aonuma)
• You can select whether you're right or left-handed, and Link will have the same handedness as you.
• The basic mechanics and gameplay elements are done, and they're currently working on the story and developing characters. Among them are an innkeeper in the town where Link lives and her young son, who looks up to him.
• The girl in the concept art is not the master sword, and as of now there are no plans for Link to get the Master Sword in the game. Her name is Aderu (maybe Adelle; GameFAQs ate the Japanese again), and she's not your typical companion like Ezlo or Midna, in that she's rarely there with you. What you see in the piece of concept/promotional art isn't her real face.
• Link's main weapon is a sword with different unlockable abilities, which Aderu communicates with you through.
• Horseback combat is back, with a more intelligent Epona that is better at avoiding obstacles.
• The character models for Link, Epona, and the Gorons have all been modified and touched up, but they're the only ones, suggesting no Zelda or Ganon (or entirely new models for them).
• This Link is the Hero of Time.
• There is time travel.
• The game does NOT take place in Hyrule.
The article goes on to say, of course, to take this info with a grain of salt. Nothing's ever set in stone when it comes to any video game being developed, LoZ in particular. Anyway, enjoy it. ^-^
Link to main article: http://www.zelda-infinite.com/
