Kaepora Gaebora: What is he?

I'm doing a three heart run of OoT (just to brush up on the story for a fanfic, really. three hearts is only for the added frustration). As I was running out of the Kokiri Forest, the familiar owl, Kaepora Gaebora, gave his greeting. He finishes his "Yada yada yada... you're on an adventure... blah blah blah..." speech, and I move onto Hyrule Castle.

In Castle Town, I stop speak to Malon (next to the fountain), then waste no time heading toward the Castle. Then, there's Kaepora Gaebora, again! He seems to understand how the game's time mechanic flows. So, I head on and speak to Zelda and hear one of the key parts of the story I wanted to, and then head to Kakariko. Of course, I forgot that you had to talk with Saria first. So, I journey back to the Kokiri Forest and into the Lost Woods.

A few steps into the Lost Woods and... there's that owl again! Here he is, expounding upon the nature of the Sacred Forest Meadow. You're near the Sacred Forest Meadow, a special place where few people have ever been.(Note: The Sacred Forest Meadow comment raises an interesting question about Beta version of OoT. In that version of the game, the Temple of Time is in the lost woods. One has to wonder whether the owl was indirectly referencing that.) But at any rate, here the owl is again, explaining things that owls shouldn't know about.

And after you speak with Saria, the owl appears again in the Lost Woods, explaining things that are obvious to the player, but things that Link might not necessarily understand. This is another peek into the apparent 'deeper knowledge' of Kaepora Gaebora. And it gets better: This owl seems to know where you are at all times. On top of Death Mountain, the owl will be there. If you head to the Gerudo area as a child, the owl is there. If you head to Lake Hylia, the owl is there. The last two are areas that are completely unrelated to the quest.

And it gets better. Kaepora Gaebora follows Link through his adulthood, as evidenced by the brilliant "flying away" scene in front of the Desert Colossus (Or as Kaepora Gaebora called in while speaking to Saria, the Shrine of the Desert Goddess.. or something).

The Gossip Stones say of Kaepora Gaebora, (paraphrased) "Kaepora Gaebora is the reincarnation of an ancient sage." It's probably that and nothing more, but in light of hearing his apparent larger than life understanding of Hyrule, and seeing him immediately after hearing the creation of Hyrule, I actually entertained the idea that he could be some sort of avatar for a deity.

Another, more popular, theory is that Kaepora Gaebora is Kasuto, the "missing" Sage. All the other Sages, save Zelda, have names from AoL Towns. The one unused town is called Kasuto, who seems to have been replaced by Zelda in this game. Perhaps the most 'mainstream' interpretation of Kaepora Gaebora is that he's Rauru, but that has problems. (Or... he could just be a helpful game mechanic explainer. :P)

Anyway, I'm going to continue paying close attention to him as I play this run through. If I happen to see something about him in a new light, I'll update this post.