Copy/Pasted from the other Article on Gender Choice:

Link has been a well handled character (yes, character, not avatar). Male, but not hyper-masculine, somewhat feminine in appearance. I remember an old thread discussing how his appearance was almost androgynous. He could play the typical hero-character in the classic "hero saves princess" story. Games could contain a hint of romance (Malon, Zelda, and Ruto in OoT; Tetra/Zelda and maybe Medley in WW; Ilia, Zelda, and Midna in TP; Zelda in SS). The games have had innumerable strong female characters.

I'm afraid this attempt is going to shave away some of those more subtle parts of Link's personality, which at least gave an indication that there was a bit more to him. That said, if they are going to add the option, they better make it meaningful. Other games with characters of customizable gender (Mass Effect, Fallout, etc.) used these differences to effect the narrative and the interactions the player could have. The difference added to how the player could interact with the world. I place doubt in Nintendo doing anything like this. A model swap and a few pronoun switches is all I'm expecting. And for addition of some boobs, a few s's in front of "he", they'll erase any hints that Link is anything more than a "blank-slate". I'd like to be surprised, but I'm not optimistic about it.

Then there's still the issue of continuity. You're forced to either never mention the events of the game, do so vaguely, or take one course of events as "canon" (unless they want to make the timeline an even more confusing mess than the family tree in "I'm My Own Grandpa"). Link is an established character and the face (though not a name) of the franchise. I'd rather see this not happen and if it does, it'll have to prove to be a meaningful addition.

I just don't want to see artistic vision trampled for progressivism's sake. If this is their vision and they are truly impassioned to make this an addition to the game, I'm for it. If this is just them thinking "well, people seem to want it, so we'll just adjust the game to fit it in", then it's a misfortune.

[Exeunt SomeBitTripFan]

(Thus concludes my somewhat dramatic ramble/rant. Take from it what you will.)

(Bonus) Jocular Desperate Point: This will make the whole issue with "It's called 'The Legend of Zelda', so his name is Zelda" that much more of an issue. I HATE having to correct people on the internet who would even SUGGEST that Link's name is Zelda, let alone those idiots who name him anything other than "Link" in their game files!

@aaronsullivan: There's actually a notable difference. Books can still provide rich detail about an object, room, person, or any other noun/verb. The person has to mentally fill in some details, but many are provided or can be provided through the text. Some thing rendered in pixel art is, essentially, just less detailed. It has details, and the artist had to put effort into making those details, but you're really just looking at a less detailed object. The difference is that the reader has to envision and construct the details and take liberties where detail is not given. Something depicted with pixel art just isn't very detailed (speaking exclusively about minimalist "retro" pixel art, not high-detail, potentially stylistic art rendered as sprites). I hope I communicated that clearly. I can try to give an example if you need it.

As for voice acting, I'm a fan of the style Zelda games currently use. The short clips give enough of a sense of what the character is like, but you aren't beat over the head with it. I'm scared to imagine a fully voice-acted interaction with a character like Tingle, Beetle, or some of Zelda's other unusual characters. I could imagine it getting irritating. I don't have confidence in Nintendo hiring a talented group of voice actors either. To be honest, there's great potential for voice acting, but it seems like it's used just a way for someone to read a text box aloud. It's nice, given a talented voice actor, but it could be used for greater purposes. I'd be incredible to walk through Hyrule Castle Town, just overhearing bits of conversation--about the weather, some bad joke, or maybe an interesting rumor (which could lead to a side quest, game progression or a reward), or just flesh out the game world. Games already do this, to some degree, with text but you often have to speak directly to the person or quickly read the floating text (or text box, there's something like this in XCX) and there's some little indication that something is important or you get something like "I saw something glittering in the cave near Hyrule Castle. I wonder if there's treasure there". Just imagine if you picked all that up just hearing it in idle conversation as you walked down a street. If there's any game that does this, please let me know. I may just be repeating what @aaronsullivan said here, but I felt this example made a good case for what he was saying.