I didn't see this in the specific character section, so here's a Zelda specific AT: Teleport Cancelling.
How to perform: Up-B and land just off the side of the ledge.
Effect:
- reappears at the stage ledge and falls off/hugs ledge depending on what direction you hold when she reappears
- reappearing attack hitbox present
- no attack animation and no lag (she can arial and special attack, and airdodge immediately after reapearing)
- she gets her second jump back
It basically works as if Zelda simply ran off of the ledge, only she teleported to get there (slightly) faster. If Zelda holds towards the stage when she reappears, she can hug the ledge, and if she holds away from the stage she'll fall away from it, able to perform arials, specials, her air-dodge and her second jump.
Oh, and if Zelda reappears too far from the ledge, her up-b acts as normal: she plumets to her death. So naturally, spacing this accurately is important.
There's a better explanation of how it works here:
http://www.smashboards.com/showthread.php?t=155351
P.S. I think Ganondorf also has something like this with his down-b as well.