In what seems to be a budding trend, an industrious hacker has whipped up some animations and palette swaps for the Zelda sprite in The Legend of Zelda and made her the playable character. This isn't the first time a remake of the original LoZ has let us play as a woman. The Satellaview exclusive BS Zelda no Densetsu also provided that option, though few of us had access to that game upon its initial release.
Unoriginality aside, it's pretty cool to finally play Zelda as Zelda. There's been a lot of chatter lately about the idea of Nintendo grabbing the attention of people who slept through Skyward Sword by putting Zelda in the starring role of the next Zelda game, and place Gannondorf or Link the villain and rescue object roles.
I don't think that's ever going to happen. Link is the figurehead of the Zelda games, and probably always will be. That doesn't mean that gender swapping is out of the question though. With Skyward Sword's confirmation that Zelda, Link, and Gannondorf are fated to be reincarnated for all time, it's fair to speculate that Link and Gannondorf might be reincarnated as women one of these days, and Zelda as a man. It's worked pretty well in the the fan art world for years now. Fiona and Cake have certainly done well enough for themselves.