I don't know if you guys have seen this or not, but it's basically a 2D version of The Legend of Zelda: Ocarina of Time made by a fan of the game in the graphical style of A Link to the Past.
http://forums.somethingawful.com/showthread.php?threadid=2119000
You'll have to do some scrolling down to see the information and the screenshots. If this is for real, it looks very VERY good.
Considering that this is effectively a ripoff of Nintendo's intellectual property, it could easily be blocked from release. But it's hard to see Nintendo doing that. They've allowed some independent gamers posting non-profit games to use their trademarks before, such as with The Legend of Zelda: The Lampshade of No Significance! The problem with this one is that it's a ripoff of the entire game structure of Ocarina of Time, so Nintendo might have reason to take larger issue.