The colors in Zelda are super bright, saturated and pleasing when they need to, but there are also subdued, earthy tones and plenty of nuance in the sky, etc. There's bloom after heavy rain, amazing PBR materials and what I think are all in all great colors, from my photography background.
The biggest problem for me is, sometimes the atmospheric light scattering is overdone, making distant objects a tad too blue and washed out. But maybe it's a tech limitation, and maybe it can be fixed.
The lighting is excellent, and I think it uses a sort of bounce lighting. (One of the first things I saw was earthy tones reflecting on the rocky Boboklin skull-shaped camp in the Plateau)