My sentiments too. Though I think the main reason why sailing gets so much flack, is because you have to play that damn song everytime you wanna change the wind, it should have been made faster (or avoided completely after the game opened up [magic wind always blowing in the direction you face or something]). But as you said, everytime you saw a silhouette on the horizon, you knew there is something to discover, just as you know that the ocean doesn't have anything to be explored(aside from the various treasures...).
From a gameplay design point of view this means that the player is shown in clear cut where to go for his adventure, and while this may appear to be extremely guided, it still lets the player explore on his own on each island.
When the player explores the TP overworld, there is no 'ocean' showing there is nothing of value here, instead we have huge fields and areas that feels like missed opertunities to the player.
It's a pretty fine line, and I feel that if the TP overworld had been slightly denser, the 'empty' paces would have paid off as they would make each significant discovery that more rewarding.