Been playing this on and off for a couple days, thought I'd share my impressions.
Firstly, Capcom really needed a better demo. Instead of chucking people in the deep end there needed to be tutorial mechanics like in the full game. Nothing extensive, just show people what to do instead of giving them a blade and saying 'Here you are, now go kill Bugs Bunny's psycho uncle'.
Secondly, text being so small in the bottom left of the screen is really awkward. I shudder to think what it must look like on SDTVs.
Now that the grumbles are out of the way, now for the good stuff. I like this a fair bit. It took a while to learn how everything works, but it is quite rewarding to do so, and the equipment synthesizing being the character upgrade mechanism instead of RPG-style leveling is surprisingly fresh. Playing it fullscreen with no hud or any other indicators is something a lot of games could do with supporting; just move all that stuff to the GamePad. Playing Wind Waker like that will certainly be an eye-pleasing experience.
The online stuff was both pleasant and awkward. Having never used a lobby system like that before, it took some time to work out but going on hunts with other players was quite fun, and the DLC should keep that side of things going nicely. It's annoying though how you can't contact people on your friends list that are playing the game if they aren't in network mode; an option for a small part of the game to be constantly connected online just to receive messages like that would have helped a lot. As it is we'll have to make arrangements to time any C3 hunts in future.
So yeah, in summary I quite like it, and hope to build a badass set of armour soon. Not quite decided on what weapon to stick with; Twin Blades are quick and durable but lack strength, Sword + Shield have speed but not durability, Great Sword has strength but lacks speed, and I've never been a long-distance/gun type of player, so I'm experimenting with weapons right now. Once the Off-TV play update arrives I'll play even more of it, so any tips you guys have in the meantime would be appreciated.