Hmmm..
I remember that Rod of Leehna demo (2?) was pretty much the greatest Zelda-demo I've played.
King Mob's Shadowgazer took the fangames to pretty much professional level. It had great custom graphics, story and gameplay.
And then there's of course Ocarina of Time GB, which was the only oot2d demo to contain the deku tree dungeon. And it rocked!
I just realized those are all pretty old projects, so I'll have to break the rules, and choose more than 3 games to honor the ones that are active
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OoT2D by the team dekunutz. Loving the progress so far!
The Legend of Zelda 3D: Flying rooster. Just wow! One of my favourites. Simple but great graphics and awesome gameplay so far. And the fact that it's actually a great 3D Zelda fangame
Oh, and then there was Shrines of Deceit. It had awesome graphics and design (thanks to .TakaM), but sadly they never released a decent demo.
Good old days