A guy made a video on YouTube doing what I remember GameTrailers did quite a while ago, explaining the Zelda timeline. This guy did a complete job imo, very well done, and should be watched. However, he has received a response from Nintendo about this timeline saying.. there is no timeline. I've included the original video and the response in the quote.

PacoDG via www.destructoid.com »

"The times may change, but the legend remains: A dark wizard, a princess in peril, and an emerald-clad boy as the kingdom's only hope. Like all great fables of times long past, the story of Link has changed much over the years, retold in a new way for each coming generation, but timeless nonetheless. It's a legacy few other franchises can equal, and these 22 years have elevated Link to stand among the upper echelon of video game royalty.

That kind of legacy means walking a delicate line; co..."

Dark Arcanine via au.retro.ign.com »

Nintendo is arranging some form of Zapper demo using a Zelda mini-game called Zelda Crossbow Training. Could this be the Zelda that was said to be in the works, and is this one game or is it going to be a mini-game collection? Believed to use the Twilight Princess engine, the demo was shown off to GameStop managers in Las Vegas today.

black doom via www.computerandvideogames.com »