A fun game that was mind blowing in the 80's, and it's still a great playthrough in 2008.
Now that that's out of the way, the review:
I had tons of fun with this game. I sat for hours in front of my TV, reading step by steps for the game (I'm mortal, damnit), crawling through the dungeons, collecting rupees.
All of that usually sounds boring. Which is odd about this game. It's takes the most simple of tasks, and makes it strangely enjoyable.
The game does a great job of giving you new items over time. You pass something on the overworld, puzzled of how it operates. Later on in a dungeon, after finding a new item, you get one of those "Ah!" moments. You realize what the object before was, and how you can use the new item on the object.
The boss battles are fun, and it was interesting to see where all of the bosses in other Legend of Zelda games originated (many of them aren't the same anymore, such as Gohma).
My one complaint is that the game is pretty expecting of the gamer to know what to do, and where to go. There are many dungeons where you can actually miss a key item that you'll need later for a boss. This is why I highly suggest you play with a guide, or at least someone to tell you what you need.
In closing, this is a very simple, very fun game, that anyone from any decade can enjoy.