Ok, ninty's not making it, its a an movie.... a somewhat low budget fan-movie, but don't let that put you off... from what you can see in the trailer, it looks like it is going to be awesome (besides Link's hair). It is apparently near complition, with only animation + CGI to be completed.
Official site:
http://www.legendofzeldaseries.com/main.php?page=fanmovie.html
(Note, the downloads for the trailer are down at the moment, use the youtube link provided on the page)