This is very good, but...
The artwork is amazing, especially when compared to my own stuff, but the ANIMATION needs work. It's hard to believe that you did all this with a mouse, how did you manage? I have to fight with my own mouse before I can get any results, and it's usually not very satisfying.
The voices were also too soft, so it's a good thing that you had subtitles otherwise we wouldn't know what they were saying,(try to improve the lipsynching) and there's also not enough swordfighting, and far too many pauses.
The small fairy's wings looked great, but why did you make the body look all funny like that,? You should have just drawn a circle, made it a movieclip added a blur(that is, if you were using Flash 8) and then added a blue glow, instead of ,making the core blue, and all that funny stuff. And where is Link's cap?
Other than that, you have done well. Your work deserves the place in the Zelda collection, and though exceptional might be a little too strong a word for your artwork,phenomenal compared to mine. Just work on animation, and I'm sure your next one will be a killer.