You must judge a game by the standards of its time. Not doing so and judging 10 year old games by modern standards is like saying that the Roman legions were shit because a single squad of SAS could pretty much have wiped them out, given enough time and ammunition. The Romans were still the strongest military force of their time.
As for my stance on OoT, played it when I was like 8, fanboied it, still say it's one of the best games made so far. It had solid gameplay, combat, story, and graphics. Compared to some other games from that time, like say for example Half-Life or Starcraft, the graphics were great. And while the combat isn't as good as modern dedicated action games like say for example God of War, it's still good enough to keep you intrested. And nowhere near as repetitive as GoW. Also, most of the puzzles were good, altho there were some truly retardedly annoying ones. *cough*watertemple*cough* The game's greatest virtue, however, has to be the boss fights. Each is challenging without being frustrating, and unique enough to be intresting.
But anyway, my measure of a good game has always been a game that's not frustrating. I have heard, from unreliable sources, that someone apparently once said that "Something is not finished when there's nothing left to add, but when there's nothing left to remove", or something along those lines. That's extremely true for video games. The game is almost completely bug free, and coming from someone who's spend half his childhood in it, that's saying a bit.
Now, after a somewhat incoherent post which I honestly can't care enough to prune, I'll just end with repeating that you can't judge an old game by today's standards. I will admit that OoT doesn't even compare to modern titles like Portal or Call of Duty 4, but it was still great when it was released, and that's what matters. Incidentally, I did play OoT through again some time last year, and it still held up. I suppose I wasn't expecting an awful lot, but the combat was still enough to keep me intrested to the end. (Altho it only really picks up after the kid part of the game)