So, I've been thinking a lot about it, and I really have a strong feeling that
TP link is the same link, seven years later, as
Oot and
MM link. It isn't just wishful thinking, here's the evidence:
--The shield. Link has always had a different shield in every game, even direct sequels like
MM. The fact that his shield is obviously the Hylian Shield from
Oot (and that is will be used in the final game--just look at the detail!) connects the two games closer than previously thought.
--The baddies. Enemies change in every game, and we see new ones in
Oot too (those wooden puppet things?), even thought there are some old stand-ins like moblins keese. But
TP enemy designs are remarkably similar to
OoT--most notably, the Goron you probably receive training from.
--Zelda/Sheik. In no other game than
OoT (excluding the CD-i games) has Zelda been such a tomboy. It seems that in
TP that trend will continue, seeing as how Zelda is first pictured holding a sword. Sheik (ok, a kinda different Sheik, but still) also appears, under a cloak embroidered with the Sheikah symbol of the eye and teardrop. So that's character continuity.
--"Between
OoT and WW?" It was said that this game takes place "decades" after
OoT, but it's my understanding that this quote, originally in Japanese, can be interpreted a number of ways and that the word "decade" could also mean years. i could be wrong, but if I'm not this means that we have the PERFECT time frame for a
OoT sequel.
--Epona's song. Although there's no Ocarina in the scene where Link calls his horse using Epona's song, the recurrence of the melody strongly suggests that we're dealing with the same horse. This makes sense--that blond lady with Epona just seems to give away the horse without a fight or challenge or anything, suggesting that the horse may have been found (i.e. ran away from Lon Lon and found you). That might be a stretch, but what else explains the lady saying "Oh, OK, here's my horse, no questions asked!" as she seems to.
So there they are, my reasons for believing that
TP is right after
OoT in the time-line. Maybe that's what the delay in the release date was all about. I'll add more if I think of any, but please comment and I invite you to try to debunk my theory (gently, please) because I really want to know.