Yes, that is the trailer for the fake movie, but there is a REAL movie being made. Granted it's been done by fans, and NOT a major film studio, it is the real deal, and its premiering in Atlanta, GA next month.
Web site for real movie: http://www.theherooftime.com/
Due to unexpected setbacks the movie took nearly two extra years to make, and the project was overshadowed by IGN's fake trailer. Now with it completed, all Zelda fans should be able to view it very soon. After the release in GA, they plan on visiting "Hot Spots" around North America. An online/DVD release has not yet been confirmed, so until otherwise stated, the only way to see this will be to see it in a theater [hopefully] near you!