I think WW was a let down but it was OK. What wind waker was missing was : Content and developers loving polish. Wind waker and Mario Sunshine definitely felt unpolished. Wind waker definitely also felt rushed by nintendo, I'm sorry to say. Don't get me wrong I love these kinds of games and did enjoy them just not as much as previous games. Wind waker I finished but it never totally 'hooked me' like all the other Zelda's.
Another complaint was that there was hardly any dungeons and the ones that were there were not that great (for example the endless drop 'dungeon' was a bit repetitive). The sea travelling was gut-wrenchingly boring (thank goodness for the teleport). I'm sure this is the thing most gamers hated about wind waker was the 2-5 or 10 minutes of sea travelling where you are doing nothing but passively watching and getting bored from the lack of interactivity between you, your character and it's environment. Fighting on the water was very cumbersome and not that fun IMHO just because the way it was implemented was half baked and cumbersome. Also not being able to skip or speed up certain dialouge messages in between characters really began to get on my nerves. They've got to make some of the options more customizable.
For being so used to action and actually doing something during travel (rolling, fighting a few monsters on the way, interacting with the environment, rocks, etc in OoT) windwaker was sub-par in the action/interactive category. Also the story was well to put it bluntly: Sub par. I really thought a link to the past and OoT drew you into the Zelda universe but windwaker just kind felt like it had no atmosphere and was retreading OOT (the 'great tree anyone?') in a vain attempt draw you in and attach you to the characters. For first time players of Zelda WW was probably great, but for veterans it was nothing new.
I know Zelda is 'for everyone' but it when I played it I felt like it was dumbed down for the younger generation. This is probably a complaint of older "curmudgeon gamers" like myself but personally I'd like to see Zelda get more mature and diversify its plots/cinematics a bit more then the 'story light' and very naive cliche storyline they used in WW. I'd really like to get know about and feel immersed in the Zelda universe I'm playing in. Why can't link in an alternate universe such as WW (just as a concept comparison), say have the hots for two ladies or vice versa and play off that theme for some interesting and funny social scenes? We also never learn about links heritage, parents, or 'development' as a hero kind of character, it'd really be great if they'd infuse some of the characters with real personality characteristics and emotions. It'd be really neat to see some more mature themes in the Zelda series or a 'spin off' series that totally focuses on enhancing and enriching the Zelda universe for the more mature Zelda fans among us. It's such a hot property and amazing universe but Nintendo may be wearing it out with the same 'very light' "pre-teen" kinds of stories and characters every... single... game.
Things I liked about wind waker:
-Improved battle system (I liked the timing parry's, links new moves and how easy they were to pull off, although I think they could have designed it to take a little more skill instead of just waiting until the right time and tapping the button)
-The art direction (while I really disliked the look before it was released, some of the characters and bosses looked FANTASTIC, Ganon and the king especially, the best looking characters in the game besides the bosses).
-Classic OOT gameplay mechanics /w the new wind waker enhancements. I think they are definitely on to something here that should be explored (giving link new moves, modes of attack, and methods of interacting with his enemies).
-The fact that it has a lot of the 'cliche' and classic things that make it "Zelda".
I still think one of the best (and most original) Zelda's --for it's time-- was Zelda 2: The adventure of link for the original NES. The fact that the game creators at nintendo tried to re-invent the gameplay of Zelda was fantastic, but for the third one they adopted the original Zelda's perspective (which I have to admit I was not as fond of as sidescrolling action of Zelda 2, after all where did link's "signature" moves, such as the upward and downward thrust moves come from in Soul Calibur 2? That's right, the reference all the way back to--Zelda 2, a classic!). I 'm really hyped about the next zelda though. The screenshots alone have got me feeling my faith in Zelda developers restored. I just hope they try some new things for once. Zelda is only as good as their willingness to innovate theirs only so much interest Zelda or any type of game thats been sequeled to death can generate after so many games featuring stale and predictable things we've experienced in the previous games.