Great, but takes itself too seriously
This movie succeeds on many levels and fails on a few others. The animation itself is certainly quite good (though a few of the poses that Link ends up in seem rather awkward) and the action sequences are suitably action-packed. The music does a good job of complementing the mood, and you succeed stylistically in reenvisioning the Zelda universe as a dark and brutal (and honestly, kind of anime-ish) place.
I do have one big problem with the movie, though, which can be summed up in one word: cheesy. Everything in this film, from the excessive bloodletting to the unintentionally hilarious "rape and kill her in the name of Ganon" was gratuitous and over-the-top. I laughed out loud when Link killed the big axe-weilding guy and some blood hit the camera lens. I'm guessing that that isn't the reaction you're shooting for here, and as such, I suggest you maybe tone things down a little bit in the sequel. :-) Keep up the good work!