There will be numerous changes in the upcoming 3DS version of Hyrule Warriors, dubbed Hyrule Warriors Legends. Aside from new characters entering the fray, players will be able to raise and take care of their own Fairy, and even bring her into battle.
Thanks to good old Google Translate, we're able to understand a few of the mechanics that will come with raising a fairy. First and foremost, a Fairy can be brought into battle and use "Fairy Magic." You also apparently will have access to multiple Fairies, as the page suggests you take the one with attributes that best match the challenge. You can grow your Fairy to teach her new skills, and those skills can even be exchanged with other players, most likely through Streetpass. Lastly, these Fairies will be totally customizable, allowing you to equip them with various types of clothing.
You can see the text with the loose translation here, as well as some screenshots of the Fairy system.
Hyrule Warriors Legends is slated to release on March 25th for the Nintendo 3DS.