As Ghirahim said in the E3 demo gameplay video on media on the SS tab onZD, Ghirahim says himself (and I do not quote) something like:"And she was saved by those goddess's pets, wasnt she?" He says something like that, anyways... regardless, we all know Zelda is alive, Ganondorf will probably be a side character, if anything, in SS, and Link will be able to fly above and below the clouds to the world underneath (i.e. Hyrule). I would like to take some time to talk about the "dream"...
I also truly believe it was real, and that Link reaches out and jumps off to save Zelda. He blackes out, and wakes up in a dark place with Phi flying over him in that bright light. After that, the screen goes white and there's a cutscene whare Phi explains what happened, and that he has to go save Zelda and stop [place final boss's name here]. You then gain control of Link, and you go get your sword and sheild, run around, find your bird, have a tutorial on how to control it and yadayadayada. Eventually, you get to the Sky Temple. Once you get to Ghirahim, you beat him , and blahblahblah. You then get to wherever, and finally get to the final boss. I bleive he will be brand new, but Ghirahim will work for him in the end. You have to fight Ghirahim 1st, as he is possesed by evil, because he wanted to go good. Once you beat him, he faints, and the evil comes out of him (it'll look like purple mist or something), and the final boss talks, then the fight begins. I think he will be mildly hard, like Ganondorf's 1st stage in OoT. Anyways, when you beat him, he will die like all epic or something. After that, Ghirahim wakes up just as the sky is still falling (oh, did I mention the final boss is trying to use Zelda's hidden power to make Skyloft and the whole world in the sky fall? Majora's Mask reference, anyone? XD). Ghirahim looks at Link and there's a really heartfelt cutscene, and about 10 secs. later, Link holds out his hand, and Ghirahim hesitates a second, then grabs Link's hand. For once, you will be able to control another character in the series (excluding Epona and the Skybirds, Kafei, cuz he wasnt really alone, and any other animal that you can ride in Zelda), AKA Ghiraham, as Link guides you out. You escape the final temple before it is crushed (2 OoT references, anyone? XD), and you find Zelda chained to something that is stealing her power. Link and Ghirahim both cut the chains (cutscene) and another epic cutscene occurs where the sky is flashing and the sky goes back up. Then the world is saved, and the credits come. The End.
Ok, those are more wishes than speculations, but that'd be cool if it happened anyways!
Thanks for reading(hopefully),
~Linkanon~