My comments on the run can be found here: http://tasvideos.org/3592S.html I strongly recommend reading this, as it details all of the major tricks used in the run, as well as giving a run-down of each individual area visited in it.
It was made on an emulator, using frame-by-frame shooting, savestates, and rerecords to overcome things like reaction time and human error. As such, it is purely a form of entertainment, and is not designed to show skill.
With thanks to Aktan for the wonderful encode yet again.
This run was made by me. It should not be uploaded in any form without first getting my permission.
Any anti-TAS comments will be deleted. Seriously, if you're just going to call it "cheating" or something equally ridiculous, don't even bother commenting at all, because I'll just block you. Save us both a bit of time.
Check out http://TASVideos.org/ to find out more about tool-assisted speedruns, and to watch the many already-existing awesome TASes.
Also check out http://zeldaspeedruns.com/ for any information on glitches and sequence breaks in any of the most popular Zelda games.
To watch games being raced live every day, check out http://speedrunslive.com/ Many of the top Zelda and Mario speedrunners participate in the races there, so you should check it out.