Ganondorf was trapped, without possession of the Triforce of Power (I'd say he's stuck for good here, cuz his "Precious" is now gone), and the Link/Tetra dynamic duo were sent back up to find [establish?] a new Hyrule, their own Hyrule, free from the submerged relics & burdens of the past. They have the main ingredient to do so: the surviving member of the Royal Family.
Though open-ended, I think it provided a respectable amount of closure to the [CERTAIN] events in Ocarina of Time, which I thought stood fine by itself. Geez, I'm not sure how reasonable it is to ask Nintendo to give us "direct" Zelda "sequels," cuz it's somewhat rediculous that Ganon CAME BACK from previous imprisonment to be the main villain AGAIN, and try to gather the Triumph Forks AGAIN. Remind yourselves of the first 2 Teenage Mutant Ninja Turtle movies... Shredder... SUPER Shredder.... is once just enough? I don't ask for "Zelda sequels," I ask for "the next Zelda game." What would make it qualify as a sequel in my eyes is how previous gameplay mechanics are inherited from earlier titles, and what new elements are introduced on top of the staples. I'm personally satisfied with The Wind Waker.
About the Royal Family, Link & Tetra (Tingle & Tetra?) will probably extend the family line years down the road, and you know, have a Royal *Family*. But that's besides the point.
Speaking of open-ended, WHAT THE HELL HAPPENED TO young LINK(and Hyrule) AT THE END OF OCARINA? YOU KNOW, HE PUT THE MASTER SWORD BACK AND MET UP WITH KID ZELDA? OMG WTF WHO'S ASS DOES LINK HAVE TO KICK NEXT IN THIS PRE-EXISTING PEACEFUL LAND OF HYRULE? DOES LINK BECOME A japanese GIRL, ZELDA GET CAGED, AND BREAK DANCE IN SOME STRANGE sUPER fAMICOM COMMERCIAL?
-- I think that's a more important question to ask/answer rather than inquiring about Link/Tetra/Columbus' fantastic voyage in search of the New World. This Ocarina/ending issue pre-dates the Wind Waker/ending issue, right?
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HOLY SMOKES I'm envisioning a Zelda game with 2 playable characters that have 2 separate, but related/inter-influencing adventure paths, where you don't reach the end of the game until both paths are completed and the 2 characters finally meet (again?) to face the end stages together.