Technically, artistically, details-wise: yes, it is.
But how in the world do you find an excuse for the terrible midis, the broken-rupee rewarding system, the linear utterly boring storyline, the absence of side-quests, the limited-to-a-single-dungeon-items, the pathetic role of Ganondorf and the no-strategy-is-needed-to-destroy bosses?
The game is worth only because of the greatly designed dungeons, the fantastic environments, the variety of enemies and the gameplay.
Again: Nintendo did an amazing technically job. They took Ocarina of Time's stamp and made a larger, longer and more detailed game. Too bad they forgot everything else. Sure, the result wasn't totally crap, because the original stamp was too great.