This should really be in the Future Zelda Section...
anyways:
Minor Spoilers
Spoiler (Highlight to read):
Link is sailing with Tetra, Tetra is kidnapped. If you don't know this by now, your really behind
Little less known than the one above
Spoiler (Highlight to read):
Link jumps to save tetra from being kidnapped and falls into the ocean. He washes up on an island where he meets Shierra, a navi-esque fairy.
Now we've got some real story spoilers
Spoiler (Highlight to read):
At this point, Link gets his sword from an old man. (I heard somewhere it's Saharsala (old guy in ALttP, murdered the spelling). Then soon enough he meets Lineback, a shifty guy who apparently has a similar goal to Link's.
Link and Lineback join up. Apparently Shierra doesn't like Lineback in the least. Also, Lineback seems to be rather greedy. So now Link and Lineback are using Lineback's boat and trying to get through this main temple. To do this though, they have to go through a few other temples to get the items needed.
IGN: The Legend of Zelda: Phantom Hourglass Image
In the screenshot provided by this link, Link is seen standing infront of a symbol that looks like a sideways farore's pearl. Assume what you will.