Check out the teaser site or Youtube.
I know that many people don't like the silly story about the fashion kingdom and the oddly "cursed" princess, but it reminds me of "The Princess and the Pea" and other more carefree fairly tales. Not every Zelda games needs some "epic" approach for a story and it's good that they save this little side story for the multiplayer game. With Four Swords Adventures they tried to wrap an epic storyline around it by portraying the Imprisoning War, but this backfired to a point, where it's not even in the same timeline anymore. Anyway... the princess looks pretty, even with the full body spandex on, lol.
Talking about that, they revealed some more costumes in the trailer and I actually got some predictions right. The Zora costume is exactly how I imagined it, with Link's head looking through the mouth of a classic River Zora. It's awesome and I love the swimming speed, it makes a real difference. I wish, A Link Between Worlds had an upgrade like that, because the swimming there always felt kind of slow to me.
Other than that there's the Parka. Sadly, they didn't put an Anouki reference in there, but it has the traction on ice ability, similar to the Snowshoe Ring from the Oracle games. And there's a Fairy Costume, though it's still unclear, what it does.
They also revealed a new item, which seems to be the Water Rod. It kind of works like the Sand Rod on water, where it creates water streams to step on. The Hookshot is back, which is nice, because this used to be my favorite weapon in the Shadow Link battles. They've even shown the arena mode for the first time in a sky arena with falling rocks.
Single player so far looks really lame, because it seems like you have to keep switching between all three Links the entire time, which could be tedious. I wonder, if there's at least a way to have them follow you around... it would suck, if you have to carry them all the time or have to go the paths three times each.