Ehh...
I agree with the guy below, the controls are out of wack. It doesn't seem like Link responds to the controls very well, or if he does its very delayed. Something that the Zelda series is not known for in the slightest. Also, unless if changing that actually makes significant enough of an improvement, I'm not particularly impressed by this game because I'm afraid its falling into the platformer syndrome.
This is something I have critiqued many other programmers and such here on newgrounds, its the idea that platformers are about the second most overused and abused genre of flash game next to tower defense. All of them are basically the same, all of them are very bland in plot, and none of them add anything particularly interesting to the thousands of bland games already on here.
The fact that you have derived the entire plot from a third party to yourself, and honestly didn't add a thing to its plot (and I'm a fan of Zelda, you have a LOT to work with) and just took the most cliche formula you could to crank out a game. Secondly, you did nothing for the genre of platformers (which, when you submit the final, PLEASE submit it as platformer not Adventure-RPG because thats NOT what it is) because, firstly, there is no real platforming involved. You walk across a flat surface and button mash at a comfortable range as not to get hit by an enemy until it dies... and then you move on.
All this has been negative so far, and I dont wanna leave on a negative note... especially since you are looking for feedback. Graphics are nice, and generally everything here was a good attempt at execution. However, if this is a demo, I would HIGHLY implore you to rethink the mechanics and philosophy behind your game. If you want to be more than the guy who made a cliche Zelda game in a cliche platformer style, I beg you to do a revision of how the game is played. Perhaps think of new ways to do combat. Reflect on how Nintendo did a Zelda platformer (Adventure of Link). Worst game of all time, but it was good IN THEORY. Maybe you could do it right? Hmm?
Perhaps you could spice up the story a little more. Perhaps you could abandon the flash game about Zelda and instead make it a flash game BASED ON Zelda. Swordman saving the princess from evil warlord isn't a mold copyrighted by Nintendo.
My opinion... probably overly harsh and longwinded, but its just because I care. Please, use of my advice what you will and good luck on your release.
Kthxbai