I'm thinking this game might be strongly wilderness oriented. If it takes place after Wind Waker, in a far off land they've discovered, it's largely uninhabited. Thus far we've seen no NPCs, only wild animals and abandoned temples (maybe a civilization here before that was lost) and that castle in the distance. The castle doesn't seem very hospitable: it could be one of the few places humans can live, looking so fierce because it needs to protect against the enemies, or could be abandoned (used by Link as a starting place, maybe Tetra and the pirates stay there if they're involved). That really depends on whether this is a continuation of Wind Waker or something that takes place long after Wind Waker. Either way, I still get that strong wilderness vibe, and that wolf at the end only adds to my suspicions.
Bomb arrows are the coolest, one of the best returns of an item I've ever seen.
Cool coincidental captureBill made a lot of observations we already shared and discussed quite a bit. I'm really wondering what the Goron is, whether it's an enemy or someone that will become your friend (fighting to prove yourself type of thing).
The field seems massive, I wonder how that's going to work. I also like the look of the forest, much more natural. That one hollow tree is definitely an important spot, what with that unusual creature (presumably friendly) and the cats, not to mention how distinctive it is compared to the other trees.
Okay, now I'm thinking the castle is inhabited, but exists as a fortress, a stronghold against the wilds. I figure it's inhabited because it's pretty well lit at night, when the trailer starts.
I'm curious about the oily-looking creature in the woods, too, the one with the long arms that was in the first trailer. Looks pretty cool. Also, the first trailer seemed to suggest something of a war, whereas this one is more prone to wild enemies that are less organized (though the first was still very tribal and wild). I'm willing to bet it's more like the second, but we can't dismiss the possibility of a goal-oriented enemy. Perhaps trying to conquer the aforementioned castle-fortress?
More later.
Edit: After checking the video step by step in quicktime, it certainly seems as if the horse is jumping over the body of the fallen bat-dragon. I'm not 100% certain, but the legs seem to lift up differently (all at once), so it looks a lot like it.