It's excellent, as was its precursor. So little has changed in the experience that it seems more an expansion pack than a sequel. However, considering MP stands the test of time, this isn't so bad. At first, the world may seem smaller, but no worries. The adventure is just as vast as the first.
I don't follow what you mean in the Majora's Mask argument. I liked being able to swim and Goron roll as well as ride Epona. Most people just didn't like it because it skewed a bit harder than most collection simulators of the N64 days. It just required more patience on the part of the player. For some reason, I have trouble finding anyone else who liked it.
But yeah. Sailing. That's got to go. The Wind Waker was great, but I'd have preferred more walking myself.