From the little footage we have, it looks like the combat will be a lot more dynamic than even in Wind Waker. Link's attacks were fast and furious in that short clip, and hopefully there will be a good variety of attack options aside from the usual various weaponry.
As far as the storyline goes, it looks like we won't see Young Link at all in this installment. Link carries a plain sword during the trailer, so it would appear that he doesn't need the Master Sword in order to propel himself into the future again. I'm sure the Master Sword will be in the game, but you won't have it right away. Perhaps this game will even tell of when, why, and by whom the Master Sword was forged in the first place. Also, it seems like the evildoers are getting their acts together and forming a grand army, rather than just waiting around in dungeons for our brave hero.