So, /v/ Rumor Mill!
This was posted on Gamefaqs and Smashboards so I might as well pass the information along
Cliffsnotes:
Only iconic Zelda characters are Zelda, Link, Ganondorf, Impa
25+ characters, many of them are brand new/original characters
Fully voiced (except for Link, who grunts)
Playable Seven Sages
Playable Zora, Goron, and Deku
Story Mode only has Link, but unlockables let you use other characters
Link has switchable items, other characters only have one, but have more combo strings and musous to compensate.
Guest characters: Pit, Samus, Takamaru, each one will have a "redesign" to better fit the setting.
If any of this is true, I'm fine with it.
Saving iconic characters for a sequel seems like a smart idea, but who knws?