Speaking as a big Zelda fan who has beaten every game except the two Four Swords games, I'm totally conflicted about this game. It's not making a strong case as a system seller, when it should be.
1.) I agree that the art direction just isn't right. It's passable, but sort of bland, and it's overly bubbly for a title that isn't in the Wind Waker universe. I don't find it appealing to look at.
ALttP had some of the BEST art direction in Zelda, even if the game couldn't show it. If you've forgotten what this era of Zelda looks like, copy and paste the following art links: triforce.org/supernes/link11.jpg & triforce.org/supernes/link12.jpg
A Link Between Worlds started out with a little more mature look, but then Nintendo pared it down in the promo art to better suit its new direction: screwattack.com/sites/default/files/images/News/2013/0804/ChangeLink.jpg
2.) They are playing way too much off the nostalgia of A Link to the Past in design. Yes, there will be twists and nuances galore I'm sure, but it looks like we're playing a remix/reskin of A Link to the Past more than we should. (And yes, ALttP is awesome, but it doesn't need a remake, and we old-schoolers have played it many times). We're going to get three pendants again and awaken the master sword?! I would have preferred they do something new in the overhead style like Oracle of Seasons or The Minish Cap compared to this. Otherwise, I would have liked a game that used Ocarina of Time 3D's graphical assets to make a new concentrated 3D Zelda adventure along the lines of Majora's Mask.
3.) Sketch Link/Painting Link is jarring. It's creative in terms of gameplay, but the visual of it just takes me out of the ALttP era. It feels like an idea that would suit Toon Link much better, and brings to mind the goofiness of Paper Mario.
4.) The item buying system based on rupees, while it offers freedom, also seems to monetize exploration. It's a step in the right direction as far as offering players choices, but the way it seems to be implemented will probably make the adventure feel scripted and limited in a different way. I imagine you'll eventually get the keep the items via the dungeons, and I've heard there will be mini dungeons to get extra rupees... I just don't like the sound of that. It sounds like unnecessary grinding and backtracking versus really open exploration and discoveries. Remember finding the Ice Rod from out of nowhere in ALttP, and you get to keep it? Now that felt like freedom.
5.) All this alternate universe story stuff feels repetitive and uninspired. It feels like Twilight Princess' Twilight Realm meets Oracle of Seasons' Subrosia with the look of the Dark World.
In the end, it will be pretty amazing for newcomers, but it seems to offer mostly nostalgia and hopeful innovations for the future to long-time fans. I'm left with only a casual interest so far.