After the first three hours, I have to say I'm pretty underwhelmed. Granted, I haven't even made it to the first dungeon yet, so I may change my mind. However, there are two glaring issues that I have so far:
1) Handholding
This may change once I move out of the "tutorial" stage, but I'm worried that Fi is going to be the new Navi. From pointing out the obvious to just plain interrupting gameplay, I'm already getting sick of her.
2) Relying on Motion Plus for on-screen aiming
This baffles me. Why they made the change from using the camera to accelerometer control, I don't know, but it's not for the better. Whatever gains there might have been in smoothness of cursor movement are lost when you have to constantly re-calibrate the Wii-mote. The problem is that it re-calibrates the center position whenever you enter an aiming mode (be it dowsing, firing a slingshot, moving through a menu, etc.). So if your Wii-mote isn't pointed at the center of the screen when you enter that mode, it can be off by quite a bit. While re-calibrating is relatively painless (you have to hit "down" on the D-pad to re-calibrate) it gets old real fast. The fact that they added this "quick feature" means they knew this was a problem.
That said, the actual combat with the sword is MUCH better than in Twilight Princess. It really does swing where you want (you can even swing upwards if you want). The only time it doesn't replicate your movements exactly is when jabbing with it (can't jab in a specific direction), which isn't a big deal at all.