I love the more arcade-y and platform-y feel of it, and wouldn't mind seeing more Zelda games that pick up on that aspect. The new abilities feel great, and I dig the cartoon vibrancy of the world. The dungeons are pretty good for the most part, and the bosses are fun, but the overworld feels a bit cut and dry imo. There's something a little too pat and inorganic about it, similar to the Oracle games (no surprise). The tight pacing and level of interactivity endear it to me however. I also like the thematic variety between areas, although some are definitely more developed than others.
Overall It's a damn sight better than the DS games, but it falls well short of Link to the Past and Link's Awakening imo, even though there are certain mechanics I think it does better. My take is that it's a very good Zelda game, especially for a portable, but not a stone cold classic. Still, I prefer it to any of the other post-MM Zelda games. At least it's to the point and fun to pick up and play. I'll take a shorted but densely packed Zelda to the tedious padded out sprawls I've come to associate with modern Zelda games any day.