I think there should at least be a system to help get you back on your feet every once in awhile. I was actually a little annoyed by the King of Red Lions in The Wind Waker for the same reason most people seem to appreciate him: he just doesn't give you a whole lot of info. Sometimes I jump back into the game after a fair absence and forget what I'm supposed to be doing, and having the King of Red Lions tell me the same recycled mumbo-jumbo about saving the world doesn't really help. Or if I've forgotten how to use a basic function or puzzle-solving device and the King still doesn't tell me anything useful. Occasionally he would ring you up and tell you something important, but he wasn't really around for any kind of help.
A perfect example of this annoyance is after you've learned about the Master Sword's dullness and need to find the Earth and Wind Sages to restore its power. I spent a lot of time thinking I could get into the Wind Temple first when it turns out you really need to go to the Earth Temple first. Nothing in the game tells you the Wind Temple is second in line, not even the King of Red Lions who I repeatedly turned to for direction when I couldn't enter the Wind Temple. If we're going to have someone to give advice, they need to give advice, not attempt to spur you on with canned dialogue.
To get back on track, I'd like for Zelda games to alternate between solo Link and Link with a traveling companion, mostly for story purposes. There are all kinds of ways players can receive hints and tips, so a companion isn't really necessary for that. Story-wise, I think Midna was the best companion; she genuinely evolved as a character throughout the plot and regularly told you things you wanted to know, not just what the developers thought you should know. (Of course, as a part of gameplay, she was nearly useless, but....) Conversely, Link traveling solo puts the spotlight more on the player, since they're the ones slaying evil and solving puzzles, and they do it all with no help and no advice!
What else can we do with companions? What about an evil spirit (or even Dark Link) who invades Link's mind and tries to use him for its own sinister ends? Or a kidnapped Princess Zelda communicating to him via telepathy? Or a whole host of people that can use telepathy or magical means of communication? They should be central to the plot, grow as characters, and preferably be something we haven't seen before. We've had three fairies so far. Let's do something different for awhile.