I think this is definately the BEST 3D Zelda game created, without a doubt. And it may be my favorite Zelda game period. The vast variety of play options is incredible. Though, the size of the game may be intimidating for repeat play throughs...with will make Link to the Past potentially the ultimate Zelda experience...as repeated play throughs aren't completely time consuming and always enjoyable.
The best part of this game, is the story telling direction.
The game begins with a more linear focus with strong story arc elements, directing the player on a very specific path. These leads to some of the coolest moments in video game history, and allows players to push forward and get additional weapons and items to play with.
Then, once the player has enough options to truly play around and explore, the game seems to take a step back from the story elements and open the entire world to play in. The field seems to have a nice variety of enemies to kill and practice, and the secrets as vast and worth exploring the entire world for.
Truly one of the best paced games ever created.