I think it would be interesting to see a Zelda game that takes place in the "future", and we sort of already have; lots of things in Zelda have been more "modern" than not: the gun in Gohdan's mouth, the Palace of Twilight I'd assume, the Goron Mines and City in the Sky, the Wind Temple, steam-powered boats, etc. Besides, I've always figured Link is in his own little world anyway, like most other video game characters and series.