Old and fake. This came out last April as a fanmade joke.
Needless to say, it fooled a lot of people (including myself). The characters didn't look very good (Ganondorf looked like Jim Carrey in "How the Grinch Stole Christmas"), but the overall game references, mainly to Ocarina of Time (Queen Gohma battle, Epona, even the Peahats), was a real nice touch.
I assume if a real Zelda movie ever is made, that would be the game to base it off of. It's extremely unlikely, I know, but hey... there was a Super Mario Bros. movie, so I guess anything is possible. Zelda has a deep story and timeline, so a real movie isn't that ridiculous of an idea.