This is not a new development people... this is coming from an older-school gamer. The Zelda plot argument has been going on since Link to the Past, probably before that... but with so few games it was very small discussion. I believe if you truly want to speak about a plot timeline you need to read the source material, which at this point is either ALL retcon or cannon.
None of it fits together unless otherwise stated. Yes there was an interview where it was stated OOT was first in line. MM was a direct sequel to OOT and TP was a set in the same world but a different age, as obvious by the environment and as stated. At best they created a timeline for each system, which breaks when you throw WW in the mix. I can't really even say I buy the "legend" plot, this series is just like someone else stated, Final Fantasy style. The complaint is that the characters have the same name in all LOZ games. If nothing else, the landscape of this "land" has shifted it prominent features around in a highly unnatural fashion.
I've said more than I need to in this post/thread, but at best the "ages" theory holds the most water. Stating roughly that every age has a hero, a king, a princess, and villain of similar origin to a previous age. Again I digress... and will probably be ignored.
Enjoy the games, if a plot timeline helps you enjoy them... then enjoy that too.