I think... 7
the Hero's shade proves the 'Link is dead' theory (1) 14%
the Hero's shade disproves the 'Link is dead' theory (2) 29%
the Hero's Shade just makes it more confusing (0) 0%
I don't have an opinion on this. (4) 57%
Hyrule Historia has said that the Hero's Shade is the embodiment of OoT' Link regrets. So it isn't say, a full ghost. I guess it is like an essence more than the full deal. Still, most fans simply like to know that the HoT (Hero of Time) we knew is present in Twilight Princess.
Well, in another thread it was mentioned that the Hero's Shade adds to the 'Link is dead' theory, while for some other people it could actually disprove it.
It seems like the issue boils down to whether you think the Hero's Shade is a Stalfo, and whether you think that Link in Lost woods without Navi could become one.