Still the best game ever. And how!
For those of you who are interested only in gameplay, then it is a fantastic game. The controls are relatively smooth, there are many cool things you can do in it, you have items that don't necessarily feel contrived and have multiple uses, most of which depend on your imagination at the time. The puzzles are hard but not going to make you cry, the dungeons are based on your ability to think as opposed to button-mashing, and the boss fights are great. It is a strange cross between a platformer and a fighting-game in the best possible way, and has served as a model for many 3D adventure games since.
For those that prefer story, I do not really need to say more. The tale is simple, almost iconically basic. A boy grows into a hero and needs to save the kingdom and a princess from an evil he accidentally unleashed. But there are enough plot twists to keep you thinking, not to mention characters that stick with you and make you full of nostalgia.
In every aspect of modern gaming, this game delivers. It's graphics are no longer up to par, but it passes that impediment with flying colors. Besides, I keep hearing that it is being updated for the 3DS. Hopefully graphics are ALL they decide to update.