I was able to recognize most of em. One question, is that Zelda between Tetra and Sheik? The placement between the Zelda's "forms" makes that seem plausible. That and her holding a piece of Triforce.
As for Sheik, many people have complained about her. Even got confused about gender. -cough SpecOps SGT cough-
Personally, I love that way you redesigned her. The suit looks a bit tight as a ninja's suit would, but it looks battle-scarred and ready. Nice touches. Plus, this way people can tell tell that shes a female more easily than before.
I like what you did with Dark Link. Gave him a more "demonic" appearance, as it should be.
One thing that bothers me is the Skull Kid. Hes wearing Majora's Mask, and I think the color scheme, while it is cool, should stick to the original.
For some reason, Ganondorf's pose remind me of some Disney bad guy. :|
Beast Ganon is... beast! I would have spent time working on the legs, but thats just me.
Awesome work overall, and Im hoping to see more like this!