Okay, I've played about a total of 7 hours of TMC so far. I've gone through three dungeons, about to enter the fourth. I've also gone and done a lot of the kinstone stuff which is okay (better than the rings in Oracles).
+Awesome graphics
+Great music
+Nice new puzzles
-Short dungeons
-less than average boss battles
-Too much running around (just the librarian quest really, but it got on my nerves)
As far as level design goes, EAD proves they still trump Capcom with FSA (and LADX). That game was restricted by connectivity, and was still fun and well designed. There's some minor things in TMC that irk me, like the figurine thing takes too long (lottery in SSBM would have worked 10x better).
Overall, I'd say TMC is better than FSA so far- just because the single player doesn't, you know, suck. It's been fun, but I can't see this being a Zelda I'll go through again (but still a very good game). It still might pick up, but I have a feeling if Capcom tries harder, they'll pull off an excellent 2D Zelda some day.
As for the next Zelda, I hope it expands on what TWW started with the storytelling, and get into some good new weapons/areas/types of gameplay. I have a few new ideas in my head, but I doubt they'll come to be unless I developed the game myself.