Personally I thought the fairies where great companions on your adventures - Although they didn't provide much assistance (especially not Tatl), it was nice to have someone with you on your quest, giving you a feeling that you're not all alone out on your quest.

Though I doubt that we'll see the return of the fairies - From what I've read, I seem to remember IGN writing that it will use the same system with Link's eyes as we saw in TWW, and have himself spotting the important things you just can't miss out on. I dunno, I just felt that a fairy did that part better than it was done in TWW.

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I'll buy a gun and start a war,
if you can tell me something worth fighting for.