So awesome.
I'll talk about the picture in a second, but first I want to clear some confusion about Sheik. Sheik as Adult Link in Ocarina of Time is not the same as the bodyguard of Zelda as Kid Link. Sheik IS Zelda, she just uses magic to change clothes, skin, and eye color. Zelda TRIED to convince people that Sheik was a guy, but she couldn't really change her breasts or hips, so she ended up fooling, oh around... no-one. Anyway, I should get back to the picture. I'll work from left to right, maybe skipping a character or two. I don't know if it's Navi or Tatl, but either way, she's very well drawn, with the body shape and the know-it-all expression, as well as her boots, which also add to her personality. Young Link was great. I had a couple problems, though. His hat has very intricate symbols, which don't really represent his Kokiri upbringing. I also noticed he had ear piercings, which, if I remember correctly, he received as an adult. The bandanna/neck guard was a great addition. His face was awesome, too. His smile represents both the excitement of being outside in Hyrule Field, as well as thoughts of the most painful ways to stop "Hey, listen"-ing. His intense eyes show both his dedication to reaching the castle, and also going as part two of the dead fairy idea. The flares on his boots could have been larger, but they still looked great.
The Adult Link is incredible, too. The two braids on the side of his head are a little disheveled, the tunic and trousers are a little baggy, but he really looks like he would be able to handle anything thrown at him.
I don't have anything to complain about with Tetra, so... yeah.
The Sheik is awesome, and I love the addition of the spiked shoulder pauldron.
The leaves on Saria's ankles, necklace, and hair are a bit out of place, but other than that, she's good, too.
The Malon looks good, but something about the way her body's angled, with the shoulders and waist in opposite directions, doesn't sit right with me.
I'll skip over a bit all the way to Midna, who's also well drawn. Her waist was twisted in an interesting way, but it's not necessarily bad.
The octorock was great, too.
Skull Kid/ Majora was good, and I like the shackle.
Dark Link was straight up awesome.
The witches Twinrova and Ganondorf were awesome, and really fill the Gerudo niche.
All in all, I love this picture, and it really brings Zelda justice. The entire picture is drawn in Scott Pilgrim style, and I love the whole thing. The reason I'm not giving it a rating is my mixed review of the whole picture, and totaling up points to reach a score would not make much sense. Awesome, nonetheless.