I see a lot of conceptual appeal to what's going on, but the more that's shown the more concerns it raises. Wind Waker's approach to exploration allowed for a greater degree of randomness to the exploration, because the sea that filled the space between the islands could have all sorts of oddities pop up at any time, and then the islands themselves served as fixed landmarks that could be combed over. There was a very distinct loop where the player would see islands on the horizon and feel this draw towards them to discover what was there. I don't really get the same vibe from what's been shown here.
Additionally, many of the new mechanics simply have me wary. The magnet stuff feels reminiscent of the physics based stuff from Half-Life 2, which skirted by on how technically impressive it was at the time. But that stuff really has not aged well, with most of the puzzles feeling rudimentary, and combat encounters often breaking around these tools being abused. It doesn't help that powerful tools exist that aren't encumbered by the durability limits weapons have. The reusable bombs negated most of the open world encounters into almost nothing.
There are loads of collection/inventory mechanics, but what does it really build towards? Modern games that do indulge these concepts carry crafting systems, cooking systems, harsher survival elements, or multiplayer elements. As is, the loot elements here just seem too simplistic while still requiring needless management.
Not really picking up a real desire to wander around this open world either. The locations don't really feel like they have a history or story to tell, and the interactions with this element of nature Nintendo is trying to push just don't seem complex enough to be interesting for very long. There aren't enough pieces or types of AI interacting with one another to really create an environment that feels organic. If the enemy placements were less static or they had behaviors that moved beyond just sleeping around camp that'd go a long way, but this isn't that kind of game.