A little late, but making my rounds...
Nintendo made the right choice. Wind Waker contains many humorous plot elements that just wouldn't work if it hadn't been cell-shaded. Whether its the nutty pirates you meet or being shot from a cannon only to be face-planted into a wall, the cell-shading compliments the general feel of the game. Of course in a nod to the additional mature audience, there are a few things in the dialogue that only they'd catch.
Its a tell-tale sign that a game is good, that when its years passed its prime, you still have regret for never having beaten it. Granted, I had made it far, but sailing the ocean was such a treat that I had completely forgotten what I had set out to do. Without a strategy guide I found myself lost and I put the game down. Perhaps its for the best. I've forgotten most of the plot elements now, but it only means that I'll get to enjoy it all over again.
Gameplay: Pretty much your standard Zelda fare. Of course, combat is much more fluid than previous entries.
Graphics: Once you've grown accustomed to the art direction used, Zelda is in a cell-shaded league of its own. Its not for a purist of the series, but you definitely give it a chance.
Sound: Many sounds were carried over from previous games. The music however is exceptional and especially notable on the open seas.
Value: Not much replayability. The game however is long so you will definitely get a bang for your buch (especially at $20). I rated value however as if the game was still priced as when it was released.
Tilt: By far, this is an above average game. However, I would like to see the Zelda series stray a bit more. Other than the art direction and free-form of the open seas, dungeons and combat are relatively unchanged from its N64 counterparts. Both are improved, but its a shame that some of the oldest and core elements remain unchanged.
All the more reason now to look forward to Twilight Princess...