OK, so I took my time to translate it, it's not 100% accurate and some minor parts might be missing, but you'll get the idea:
(2:06) [Phi]: Link... time to open your eyes. Soon, very soon you'll face a big destiny. The time of awakening... Link... Link...
(2:59) [Letter from Zelda]: You sleepyhead! I'm sure you're still lying in bed as this letter arrives... Isn't it so? Good morning Link. Today the bird riding ceremony takes place! Our appointment... Do you remember? Zelda
(3:56) [random guy 1]: Good morning Link! Today's the big day of the bird riding ceremony! I wanted to participate too but I didn't make it through the qualifying round. That's why I'm staying here and I have to carry these barrels to the dining room. But I really would've liked to see you flying... Well, I can't change it! Give it your best! I'm cheering for you! [...] Oh Link, it seems like you want to help me? Thanks! So... could you carry this barrel to the dining room for me? Apparently you know that you can pick up certain objects by pressing A. You can put them down again by pressing A again. Point your Wiimote upwards and give it a quick shake while carrying a barrel in order to throw it. Smaller objects like pots can be rolled by holding the Wiimote downwards and giving it a quick shake. But you'll bring this barrel to the dining room without destroying it, yes? Always be careful! If you've forgotten what I've just told you then press 2. This will show you what actions you can currently do. It's really practical!
(5:51) [random guy 2]: Hey Link! Over here! Good morning, Link! Today's the bird riding ceremony, how are you? I want to talk to you about something. Keep Z pressed, look at me and then press A to talk to me. Yeah right, by pressing Z you can target aims. You can target people by pressing Z and speak to them by pressing A. If there's no one to talk to, press Z to look forward. But there's no good talking at this distance, so would you please come up here? If you run towards these wooden crates then you can climb on top of them! Hold down A and move in order to run, this way you can get past minor height differences! Give it a try! Well isn't it practical to run by pressing A? But if your stamina meter goes to zero then unfortunately you'll be out of breath, you should take a rest just before it's empty. And on we go! You can jump gaps like this one via normal movement, that's the automatic leap! Automatic... sounds good! Hello Link! Are you going practising for the bird riding ceremony? Oh, you've got an appointment? Zelda is waiting already? But now while you're here... Mia, the pet of Zelda's father, our director Gepora, has run away. What ever shall I do? The director and Zelda are very busy with the preparations for the ceremony. I wanted to lure Mia with some bait but the ceremony is about to start... And in this outfit I can't run after her. Could you do me a favor and bring Mia over here? Thanks for taking the time to help me. You should find something to climb up here. If you shimmy along the ledge then you should be able to reach the rooftop. Again, thanks! [...] Hey Link, in order to reach the top of that roof it's not sufficient to sprint with A. You probably have already noted the crate, right? Place yourself in front of it and hold down A to move it. Then run towards the crate or hold down (analog stick) directly in front of it to climb up. [...] You brought her back safely! Thanks a lot Link! I'll feed Mia now. Tell the director that we've found his pet. He should be on the plaza in front of the temple. Surely Zelda's there too so hurry up!
(10:20) [Zelda]: A young man, guided by the Goddess, will connect sky and earth and bring the light... Good morning Link. Say, did my sky bird wake you up? Our appointment... had you forgotten about it? Look, my dress and this instrument! With those things I'll represent the goddess at the bird riding ceremony! Great, isn't it? Especially that instrument... they say that already the legendary goddess played such one. Its sound is incomparable. Dad told me that it's called "lyre". So, what do you say about my dress? I've woven the shawl all by myself! With this dress and the lyre I'm incorporating the goddess! I wanted you to see me like that, Link! That suits me well, right? Are you serious? Thanks a lot, Link!
[Gepora:] Zelda... are you done with the preparations?
[Z:] Oh dad!
[G:] Link's already here too, wonderful! Even you sleepy guy have made it in time today! If you win at today's bird riding ceremony then you may spend the rest of the ceremony together with Zelda, so give it your best!
[Z:] Talking about making efforts... Listen, dad! In the last time Link has... Well he hasn't really trained a lot for the ceremony... Also when he was flying he didn't really put much effort into it... If he doesn't act now then he'll surely lose!
[G:] Calm down my dear! Besides ability, the bird riding ceremony also tests the bond between man and animal... It's not easy to win it. Sure, Link isn't really the most hardworking student... You two know each other already since earliest childhood, therefore you also know that Link and his sky bird have a special relationship. Each inhabitant of Skyloft has his own bird. It's the goddess herself who appoints a protective bird to everyone of us, that's the job of the sky birds. Everyone of us meets his personal bird here in front of the statue at an early age... of course it was the same with you two. The sky bird that's been dedicated to Link is a very special one. It is of crimson red colour, that's so rare that we used to think that this species was extinct. Link, you're connected to your sky bird by destiny. Do you remember my dear? Back then, as soon as Link met with his sky bird for the first time... They floated through the air as if they had already known each other for ages, without any practice, problemlessly... I still remember how jealous you were back then! Well it's no wonder that people envy Link and his relationship to his sky bird! People have the tendency to despise those who are special in some way.
[Z:] You're taking things not seriously enough dad! You know that bird riding ceremony also functions as a test of the knight school? Those who don't put enough effort into the ceremony won't get good grades... And in the worst case scenario Link won't be able to become a knight!
[G:] Everything is fine my dear, just calm down a bit! Every time there's something concerning Link, you're always kind of...
[Z:] Link! Come on, let's go practicing, at least a little bit! Now come over here! What are you doing? Let's go! Jump down from this platform and call your sky bird, just like you always do... The ceremony is about to start so you need to be in good shape! What are you saying? You can't feel your sky bird? Don't say things like that, you're just looking for excuses! Now come on, you need some practice. Do it for me! See ya! Link! You must press (d-pad) to summon your sky bird!
[/end of video]
BTW I found it quite funny that both times Link's name was mentioned in Phi's speech, she said "MARS! MARS!"