Alright I'm just going to see if I can get this straight, So we're in a new Hyrule sometime after all of the games were the Geography resembles something between Ocarina of Time and Twilight Princess.

Ganondorf, Zelda and Link are all new incarnations not seen in any previous games but bearing all of the trademarks of there character.
Happy Mask Salesman is due to the passing of time a new character but has essentially the same backstory and mannerisms as the one we all know and love (unless of course the Mask Salesman is immortal which I wouldn't put past him)
Fi is the eternal spirit of the sword which has been there since the beginning.
Male Sheik is a new Sheik, bastard brother of Zelda whom most regard as her body guard much as Impa was to the previous Queen.
Mikau is the Zora Guitarist from Hyrule rather than Termina
Midna and Zant are both differnt Twili who share the names and mannerisms of those that came before.
Groose, is... I'm not really sure about that one.
And of course Navi my own character is the one from Ocarina of Time, several hundred years old and much wiser (and less annoying).

Did I get that all right?