I coveted that wind, I suppose.
As I encroached upon the game's conclusion, some difficult realities began to sink in, filling in the blanks of my decade-old nostalgia. The Wind Waker doesn't just have a problem with its number of dungeons -- the dungeons themselves are generally underwhelming, with only a handful of really memorable designs. As wide as the game's ocean is, it isn't very dense, padding many simple tasks with tedious travel time. Many parts of the quest, like the hunt for the Ghost Ship, are downright obtuse; even half-remembering them leaves plenty of room for confusion.
The ending, though. Man. Ganon's menacing monologue; the rain-soaked, epic showdown; the King's bittersweet farewell. This is still some of the best narrative direction in games. (And the final battle is, obviously, still a high bar for the Zelda series.)
In retrospect, there are really two reasons why I have such fond memories for the Wind Waker: that ending, and the beautiful, liberating freedom of the Great Sea. More than just one of Zelda's finest overworlds, it's the closest the series has come to true open-world design. Granted, it isn't nearly as full of activity as a Saints Row, or as spontaneously entertaining as a Grand Theft Auto. But there's a certain charm, a je ne sais quoi to sailing the open ocean, spotting land on the horizon.
As for the HD update: as much as I'll harp on about soft lighting ruining the aesthetic in some scenes, for the most part, this game is absolutely gorgeous. I'm still slightly concerned about the occasional framerate drops, though fortunately these only come up during a few, particularly hectic moments. The new features are great and all, and the Game Pad second-screen inventory and map are a definite improvement, but there are other aspects of the controls (awkward targeting, first-person aiming) that could have done with more work.
Your mileage may vary, depending on your sense of nostalgia, or if you haven't played Wind Waker before, how much you're willing to accept its sometimes-archaic habits. But I think there's something great in Wind Waker HD for pretty much everyone.
Better than: The Legend of Zelda: Skyward Sword
Not as good as: The Legend of Zelda: Ocarina of Time 3D
And don't forget, there are a ton of extras and sidequests: if you aren't already tied up with carjacking or vigilantism or superheroism or shooting dudes or, whatever.
Progress: Defeated Ganon.