At this point is probably well known, but in case you missed it :TLOZ::TFH: will be region locked. Sources cannot agree if this enforcement includes people already in your friendlist or just the random matching.
However another thing to point out is that apparently the device will be IP blocked. This means that if you try to cheat the region lock by changing your 3DS settings to lie on the region (or if you travel overseas to a different region) you still won't be able to connect with people from a different region.
I was starting to get some illusions about playing with my family and some forum friends. Now it seems like there is a high chance that won't be happening and given the temptative price on the game and the low scores in the single player experience I am actually kind of considering to skip it... or at the very least, delay the purchase until the price drops or has been out for half a year.
Some people attribute the emasure to help prevent lag, but with success in other games like Pokemon, I find it a bit too drastic.
How about you? Does this changes in anyway your desire to acquire the game?