Chances are if you know this game, you love it. If you haven't played it, do yourself a favor and find a copy.
Ocarina of Time is the best Zelda in the entire franchises up to and including Twilight Princess. It does almost everything perfectly. The graphics were phenominal, the glameplay and combat was terrific, the story was great, for the most part, as was the sound.
It is easily one of Nintendo's greatest games.
Now that that's out of the way, I do have on problem with the game and that is the ending. Call me nit-picky or anal, but the ending just... sucked. It really sucked. To recap, Link saves the day, puts back the sword, and becomes a child once again, forgetting everything that happened and basically starting back at the beggining of the story without Ganondorf doing all that evil stuff. Oh and a bunch of the characters get together and "dance" around a fire for 5 minutes.
This use of a deus ex machina just left a sour taste in my mouth and made the whole plot feel trivial, if not outright pointless. So Link did all that only to be told "Sorry, your memories are being erased and none of this actually happened." It just felt like a quickly thrown together ending. Sure they wanted Link to go back to being a kid, but they could have done it with a bit more finess.
That said, the fact that the ending upset me so much is proof that the rest of the game is so fantastic that it raised my standards for what I expected out of the end. Endings have never been Nintendo's strong point, so I guess I shoulda seen that coming. Ahh well.